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.)