Required information [The following information applies to the questions displayed below.] Sky Communcations (SKY) usually sells a cell phone for $236 plus 12 months of cellular service for $944. SKY has a special, time-limited offer in which it gives the phone for free and sells the 12 months of cellular service for $330. Each phone costs SKY $310, which it accounts for in its perpetual inventory system. On July 1, SKY sells one of the special packages, delivers the phone, collects the $330 cash, and starts the cellular service. 2. What journal entries would SKY record on July 1 and July 31 to recognize revenue when (or as) the performance obligation is met? View transaction list View transaction list Journal entry worksheet < 1 2 Record the receipt of cash. Note: Enter debits before credits. Date July 01 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 Record the revenue earned. Note: Enter debits before credits. Date July 31 General Journal Debit Credit View general journal Clear entry Record entry