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 $ 160,000 $ 181,000 Cost of installment sales 107,200 128,510 Cash collections on installment sales during: 2016 68,000 44,000 2017 62,000

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.)