In a turnkey project, the contractor agrees to handle every detail of the project for a foreign client.

Kotan Company signed a three-month, 8% note on November 1, 2013 for the purchase of $60,000 of inventory. Assuming the company's accounting period ends on December 31, which one of the following statements is not correct?

A. On February 1, 2014, the company will debit Interest Expense for $800 B. On December 31, 2013, the company will credit Interest Payable for $800 C. On December 31, 2013, the company will debit Interest Expense for $800 D. On February 1, 2014, the company will debit Interest Payable for $800

Licensees who fail to renew their license within 32 days after their anniversary date need to

a. pay the renewal fee plus pass the state exam b. take the ACU course plus pay the renewal fee c. pay the renewal fee plus a reinstatement fee of one-half of the renewal d. pay the renewal fee within 35 days or pay a fine