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	$	360,000		$	350,000
Cost of installment sales		234,000			245,000
Cash collections on installment sales during:
2016		150,000			100,000
2017					120,000

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.

need before 11:55 today