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Jasper Company Accepted a Check from Harp Company as Payment

Question 59

Multiple Choice

Jasper Company accepted a check from Harp Company as payment for services rendered.Jasper's bank statement revealed that the Harp check was an NSF check.What effect will recording the NSF check have on the accounting equation of Jasper Company?
 Total Assets  Total Equity  A  Decrease  Decrease  B.  No effect  Decrease  C.  Decrease  No effect  D.  No effect  No effect \begin{array}{|c|c|c|}\hline & \text { Total Assets } & \text { Total Equity } \\\hline \text { A } & \text { Decrease } & \text { Decrease } \\\hline \text { B. } & \text { No effect } & \text { Decrease } \\\hline \text { C. } & \text { Decrease } & \text { No effect } \\\hline \text { D. } & \text { No effect } & \text { No effect } \\\hline\end{array}


A) Option A
B) Option B
C) Option C
D) Option D

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