Required information The following information applies to the questions displayed below.] Sky Communcations (SKY) usually...
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Required information The following information applies to the questions displayed below.] Sky Communcations (SKY) usually sells a cell phone for $270 plus 12 months of cellular service for $630. SKY has a special, time-limited offer in which it gives the phone for free and sells the 12 months of cellular service for $480. Each phone costs SKY $170, which it accounts for in its perpetual inventory system. On July 1, SKY sells one of the special packages, delivers the phone, collects the $480 cash, and starts the cellular service. 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.)
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