In January 2024, Summit Department Store sells a gift card for $100 and receives cash. In February 2024, the customer comes back and spends $70 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 and Increase stockholders' equity by $100 Increase assets by $70, increase liabilities by $100, and decrease stockholders' equity by $30 Increase assets by $70, decrease liabilities by $30, and increase stockholders' equity by $100 Increase assets by $100 and increase liabilities by $100