A Day Spa accepted a check from a customer as payment for services.Unfortunately,the customer's check bounced.The journal entry required on the company's books as a result of this bank reconciliation item will:
A)decrease total assets
B)decrease stockholders' equity
C)both a and b
D)have no net impact on total assets

Question

Quizplus · Accepted Answer

The Answer of A Day Spa accepted a check from a customer as payment for services.Unfortunately,the customer's check bounced.The journal entry required on the company's books as a result of this bank reconciliation item will:
A)decrease total assets
B)decrease stockholders' equity
C)both a and b
D)have no net impact on total assets

A Day Spa Accepted a Check from a Customer as Payment