Required information [The following information applies to the questions displayed below.] Sky Communcations (SKY) usually sells a cell phone for $408 plus 12 months of cellular service for $612. SKY has a special, time-limited offer in which it gives the phone for free and sells the 12 months of cellular service for $540. Each phone costs SKY $230, which it accounts for in its perpetual inventory system. On July 1, SKY sells one of the special packages, delivers the phone, collects the $540 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.) 1 Record the receipt of cash. 2 Record the sales of cellular service for 12 months. 3 Record the cost of goods sold. 4 Record the deferred revenue. General Journal Debit Credit Date July 01