On January $1,2019,$ Loud Company enters into a $2-$year contract with a customer for an unlimited talk and $5$ GB data wireless plan for $$70\mathrm{.}00$ per month. The contract includes a smartphone for which the customer pays $$299\mathrm{.}00.$ Loud also sells the smartphone and monthly service plan separately, charging $$659\mathrm{.}00$ for the smartphone and $$70\mathrm{.}00$ for the monthly service for the unlimited talk and $5$ GB data wireless plan. On July $1,2019,$ the customer realizes that she needs less data in her wireless plan and downgrades to the unlimited talk and $2$ GB data plan for the remaining term of the contract $(18$ months$).$ The unlimited talk and $2$ GB data plan is priced at $$49\mathrm{.}00$ per month. The $$49\mathrm{.}00$ per month is Loud$$s current stand$-$alone price for this plan that is available to all customers.

Required:

$1.$Prepare the journal entry to record the cash received for the monthly service plan on July $1.$