omework Saved Help Save & Exit Submit Required information (The following information applies to the questions displayed below.) Sky Communcations (SKY) usually sells a cell phone for $328 plus 12 months of cellular service for $492. SKY has a special, time-limited offer in which it gives the phone for free and sells the 12 months of cellular service for $400. Each phone costs SKY $130, which it accounts for in its perpetual inventory system. On July 1, SKY sells one of the special packages, delivers the phone, collects the $400 cash, and starts the cellular service. 2. What journal entries would SKY record on July 1 and July 31? (if no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 3 4 Record the receipt of cash. Note: teter debts before credits Date General Journal Debit Credit July 01 Records Clearly Next service for $492. special, and sells the 12 months of cellular service for $400. Each phone costs SKY $130, which accounts for in its perpetual Inventory system. On July 1, SKY sells one of the special packages, delivers the phone, collects the $400 cash, and starts the cellular service. 2. What journal entries would SKY record on July 1 and July 317 (if no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet