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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

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.

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