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In January 2024, Summit Department Store sells a gift card for $90 and receives cash....

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Accounting

In January 2024, Summit Department Store sells a gift card for $90 and receives cash. In February 2024, the customer comes back and spends $60 of the gift card to purchase a water bottle. What is the financial statement effect of the customer's purchase of the water bottle in February?
Multiple Choice
Increase assets by $30, decrease liabilities by $90, and increase stockholders' equity by $60
Decrease liabilities by $60 and increase stockholders' equity by $60
Increase assets by $60 and increase stockholders' equity by $60
Increase assets by $30, decrease liabilities by $60, and increase stockholders equity by $90
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