Question: In January 2 0 2 4 , Summit Department Store sells a gift card for $ 5 0 and receives cash. In February 2 0

In January 2024, Summit Department Store sells a gift card for $50 and receives cash. In February 2024, the customer comes back and spends $20 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 $20, and increase stockholders equity by $50
Decrease liabilities by $20 and increase stockholders equity by $20
Increase assets by $30, decrease liabilities by $50, and increase stockholders equity by $20
Increase assets by $20 and increase stockholders equity by $20

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