Question

In January 2024, Summit Department Store sells a gift card for $130 and receives cash. In February 2024, the customer comes back and spends $100 of the gift card to purchase a water bottle. What is the financial statement effect of the sale of the gift card in January? Multiple Choice Increase assets by $100, increase liabilities by $130, and decrease stockholders' equity by $30 Increase assets by $130 and increase stockholders' equity by $130 Increase assets by $130 and increase liabilities by $130 Increase assets by $100, decrease liabilities by $30, and increase stockholders' equity by $130

          In January 2024, Summit Department Store sells a gift card for $130 and receives cash. In February 2024, the customer comes back and spends $100 of the gift card to purchase a water bottle. What is the financial statement effect of the sale of the gift card in January?
Multiple Choice
Increase assets by $100, increase liabilities by $130, and decrease stockholders' equity by $30
Increase assets by $130 and increase stockholders' equity by $130
Increase assets by $130 and increase liabilities by $130
Increase assets by $100, decrease liabilities by $30, and increase stockholders' equity by $130

in january 2024 summit department store sells a gift card for 130 and receives cash in february 2024 the customer comes back and spends 100 of the gift card to purchase a water bottle what i 78804

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