Charter Corporation, which began business in 2018, appropriately uses the installment sales method of accounting for its installment sales. The following data were obtained for sales during 2018 and 2019:

Required:
Prepare summary journal entries for 2018 and 2019 to account for the installment sales and cash collections. The company uses the perpetual inventory system.

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Installment sales Cost of installment sales Cash collections on installment sales during: 2018 $360,000 234,000 2019 $350,000 245,000 2018 2019 150,000 100,000 120,000