Charter Corporation, which began business in 2013

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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:

 20132014
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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