Required information (The following information applies to the questions displayed below.] Sky Communcations (SKY) usually sells cell phone for $392 plus 12 months of cellular service for $588. SKY has a special, time-limited offer in which it gives the phone for free and sells the 12 months of cellular service for $520. Each phone costs SKY $210, which it accounts for in its perpetual inventory system. On July 1, SKY sells one of the special packages, delivers the phone, collects the $520 cash, and starts the cellular service. transaction/event, select "No Journal 2. What journal entries would SKY record on July 1 and July 31? (If no entry is required for Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the sales of cellular service for 12 months. Note: Enter debits before credits. Date General Journal Debit Credit Journal entry worksheet Record the cost of goods sold. Note: Enter debits before credits. Date General Journal Debit Credit July 01 Record entry Clear entry View general Journal Required information Journal entry worksheet 1 2 3 4 Record the deferred revenue. Note: Enter debits before credits. Date General Journal Debit Credit July 31 Record entry Clear entry View general journal