(Solved): Knowledge Check 01 On January 31, Jean Consulting Company receives a bill for that month's utilities ...

Knowledge Check 01 On January 31, Jean Consulting Company receives a bill for that month's utilities in the amount of

. Jean sets it aside because she does not plan to pay the bill until its due date of February 15. What effect, if any, does this event have on the company's accounting equation as of Jañuary 31? The business must record this event, which would decrease cash and decrease equity on January 31. The business must record this event, which would decrease cash and increase equity on January 31. The business must record this event, which would increase liabilities and decrease equity on January 31. Because the bill is set aside for payment in February, there would be no effect on the accounting equation as of January 31.