TB MC Qu. 8-89 (Algo) In January 2024, Summit Department Store... In January 2024, Summit Department Store sells a gift card for $125 and receives cash. In February 2024, the customer comes back and spends $95 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 $95, decrease liabilities by $30, and increase stockholders' equity by $125 O Increase assets by $95, increase liabilities by $125, and decrease stockholders' equity by $30 O Increase assets by $125 and increase liabilities by $125 O Increase assets by $125 and increase stockholders' equity by $125