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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:

  2013 2014
Installment sales $360,000  $350,000 
Cost of installment sales  234,000   245,000 
Cash collections on installment sales during:        
2013  150,000   100,000 
2014  -   120,000 

Required: Prepare summary journal entries for 2013 and 2014 to account for the installment sales and cash collections. The company uses the perpetual inventory system.

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