This is a variation of Exercise S-3 focusing on journal entries. E5-4 Installment sales 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 method: journal entries LO3 2013 2014 Installmrent sales Cost of installment sales $360,000 234,000 $350,000 245,000 Cash collections on installment sales during 2013 150,000 100,000 2014 120,000 Required: Prepare summary journal eatries for 2013 and 2014 to account for the installment sales and cash collections. The company uses the perpetral inventory system