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? (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 2 4 Record the receipt of cash Note: Enter debits before credits. Date General Journal Debit Credit July 01 Record entry Clear entry View general journal