Required information [The following information applies to the questions displayed below.] Sky Communcations (SKY) usually sells a cell phone for $448 plus 12 months of cellular service for $672. SKY has a special, time-limited offer in which it gives the phone for free and sells the 12 months of cellular service for $560. Each phone costs SKY $280, which it accounts for in its perpetual inventory system. On July 1, SKY sells one of the special packages, delivers the phone, collects the $560 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 View journal entry worksheet General Journal Debit Credit No 1 Date July 01 560 Cash Deferred Revenue 560 2 July 01 Deferred Revenue Sales Revenue 3 July 01 280 Cost of Goods Sold Inventory 280 4 July 31 Deferred Revenue Service Revenue