Cockpit Company sells its goods on installment basis under periodic inventory system. For all installment sales, the company adds deferred interest and carrying charges which amounted to 10% of selling price. On January 1,2021, Cockpit Companys general ledger included the following account balances:

	Debit	Credit
Inventory	90,000
Installment contract receivable 2020	445,500
Installment contract receivable 2019	96,525
Deferred interest and carrying charges
2020 Installment sales		?
2019 Installment sales		?
Deferred gross profit 2020 Installment sales		121,500
Deferred gross profit 2019 Installment sales		28,080

During the year 2021, the following transactions occurred:

1. The company made installment sales $520,000 (excluding interest and carrying charges of 10%) and its gross profit was 25%
2. Cash collections including interest and carrying charges amounted to 10% of selling price on installment contract receivable during the year 2021 are:

	Deferred interest and carrying charges
Installment contract receivable 2021	24,000
Installment contract receivable 2020	28,550
Installment contract receivable 2019	5,600

Required: From the above information, prepare all journal entries for the transactions during the year 2021 including all necessary adjusting entries by using installment accounting method.

Here are the answer I solved myself, I wasn't sure it's correct or not.

Could anyone help me please?

Journal entries during the year 2021

	Debit	Credit
Installment contract receivable 2021	572,000
Installment sales		520,000
Deferred interest and carrying charges		52,000
Cost of installment sales	390,000
Shipment of installment sales		390,000
Cash	581,500
Installment contract receivable 2021		216,000
Installment contract receivable 2021		256,950
Installment contract receivable 2021		50,400

Adjusting entries on December 31, 2021

	Debit	Credit
Installment sales	520,000
Cost of installment sales		390,000
Deferred gross profit 2021 Installment sales		130,000
Deferred gross profit 2021 Installment sales	54,000
Deferred gross profit 2020 Installment sales	121,500
Deferred gross profit 2019 Installment sales	28,080
Gross profit realized on installment sales		203,580
Deferred interest and carrying charges	58,150
Revenue from interest and carrying charges		58,150