What would be the journal entry for the customer purchase

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Question 1: In January, 2021, Summit Department Store sells a gift card for $50 and receives cash. In February, 2021, the customer comes back and spends $20 of the gift card to purchase a water bottle. What would be the appropriate journal entry for the customer's purchase of the water bottle in February?

Multiple Choice

Option 1: Debit Deferred Revenue, $50; credit Sales Revenue, $50.

Option 2: Incorrect

Option 3: Debit Deferred Revenue, $20; credit Sales Revenue, $20.

Option 4: Debit Sales Revenue, $20; credit Deferred Revenue, $20.

Option 5: No journal entry is necessary

Reference no: EM132495220

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