E5-4 Installment sales i method, journal entries -LO3 E5-5 Installment This is a variation of Exercise 5-3 focusing on journal entries.] Charter Corporation, which began business in 2013, appropriately uses the installment sales method of accounting for its installment sales. The following data were obtained for sales during 2013 and 2014: Required: 2013 2014 Installment sales $360,000 $350,000 Cost of installment sales 234,000 245,000 Cash collections on installment sales during: 2013 2014 150,000 100,000 120,000 Prepare summary journal entries for 2013 and 2014 to account for the installment sales and cash collections. The company uses the perpetual inventory system. On July 1, 2013, the Foster Company sold inventory to the Slate Corporation for $300 called for