Does a returned payment affect your credit report, like a late payment?

A returned payment is a not accepted payment. Yes, it will affect your credit.

Yes, if you don't make another payment on time to replace it.

Not unless it caused you to be late. That is, if you paid early and then paid again before the due date it won't show as late.

If it causes you to be late it affects your credit. If you just wrote a bad check to the electric company no.

a returned payment IS a late payment