Business, 12.03.2021 15:40 jordanlacie65

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. What journal entries would SKY record on July 1 and July 31? a. Record reciept of cash.
b. Record the sales of cellular service for 12 months.
c. Record the cost of goods sold.
d. Record the deferred revenue.

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