Charter Corporation, which began business in 2016, appropriately uses the installment sales method of accounting for its installment sales. The following data were obtained for sales during 2016 and 2017:

	2016			2017
Installment sales	$	490,000		$	506,000
Cost of installment sales		382,200			344,080
Cash collections on installment sales during:
2016		208,000			135,000
2017					174,000

Required:

Prepare summary journal entries for 2016 and 2017 to account for the installment sales and cash collections. The company uses the perpetual inventory system. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)