Charter Corporation which began business in 2013, appropriately uses the installment sales method of accounting for its installment sales. The following data were obtained for sales during 2013 and 2014:

2013 2014

Installment sales 360,000 350,000

Cost of installment sales 234,000 245,000

Cash collections on installment sales during:

2013 150,000 100,000

2014 ---- 120,000

Prepare summary journal entries for 2013 and 2014 to account for the installment sales and cash collections. The company uses the perpetual inventory system