On September 8, Alice paid $3,568 to Cheshire Co. to fulfill her promissory note agreement. Of the $3,568, $400 is interest. The journal entry Cheshire Co. will record is to:
A) debit Cash, $3,568; credit Note Receivable/Alice, $3,568.
B) debit Cash, $3,568; credit Note Receivable/Alice, $3,168; credit Interest Revenue, $400.
C) debit Note Receivable/Alice, $3,568; credit Cash $3,168; credit Interest Revenue, $400.
D) debit Note Receivable/Alice, $3,568; credit Cash $3,568.
B) debit Cash, $3,568; credit Note Receivable/Alice, $3,168; credit Interest Revenue, $400.
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What is the general rule on dealing with represented persons?
What will be an ideal response?