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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:
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:
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:
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:
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 $ 360,000   $ 350,000     Cost of installment sales   234,000     245,000     Cash collections on installment sales during:                  2016   150,000     100,000        2017   —     120,000  
  2016 2017   Installment sales $ 360,000   $ 350,000     Cost of installment sales   234,000     245,000     Cash collections on installment sales during:                  2016   150,000     100,000        2017   —     120,000  
  2016 2017
 
2016
2017
  Installment sales $ 360,000   $ 350,000  
  Installment sales
$
360,000
 
$
350,000
 
  Cost of installment sales   234,000     245,000  
  Cost of installment sales
 
234,000
 
 
245,000
 
  Cash collections on installment sales during:            
  Cash collections on installment sales during:
 
 
 
 
 
 
     2016   150,000     100,000  
     2016
 
150,000
 
 
100,000
 
     2017   —     120,000  
     2017
 

 
 
120,000
 
 
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.need before 11:55 today
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.need before 11:55 today
Required:
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.need before 11:55 today
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.need before 11:55 today
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.

need before 11:55 today

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