8 Required information The following information applies to the questions displayed below) Sky Communcations (SKY) usually sells a cell phone for $270 plus 12 months of cellular service for $630. SKY has a special, time-limited offer in which it gives the phone for free and sells the 12 months of cellular service for $480. Each phone costs SKY $170, which it accounts for in its perpetual inventory system. On July 1, SKY sells one of the special packages, delivers the phone, collects the $480 cash, and starts the cellular service. 15 points 2. What journal entries would SKY record on July 1 and July 31% of no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View traction ist X 1 Record the receipt of cash. > 2 Record the sales of cellular service for 12 months Record the cost of goods sold. * Record the deferred revenue. Credit 9 Devonshire, Inc. sold merchandise inventory on account at a price of $10,000 with payment terms of 2/10, 1/30. The merchandise cost Devonshire $5,000. If the customer paid for the merchandise 5 days after receiving the invoice, how much cash was collected by Devonshire? 3 points Multiple Choice Book $5,000 $9,800 O $4.900 $10.000 10 Monte Vista uses the perpetual inventory system. At the beginning of the quarter, Monte Vista has $31.000 in inventory. During the quarter the company purchases $8,050 of new inventory from a vendor, returned $800 of inventory to the vendor, and took advantage of discounts from the vendor of $210. At the end of the quarter the balance in inventory is $27.000. What is the cost of goods sold? 3 points Multiple Choice eBook $11.040 0 $12.550 $4.000 $12,050