Exercise 5-28 Installment sales method; journal entries [Appendix] 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 $480,000 331,200 2017 $493,000 364,820 Installment sales Cost of installment sales Cash collections on installment sales during: 2016 2017 204,000 132,000 169,000 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.) Journal entry worksheet 1 2 3 3 4 5 6 Record the 2016 installment sales. Note: Enter debits before credits. General Journal Debit Credit Year 2016 Journal entry worksheet 1 2 3 3 4 5 6 Record the 2016 cash collections from installment sales. Note: Enter debits before credits. General Journal Debit Credit Year 2016 Journal entry worksheet Record the 2016 recognized gross profit from installment sales. Note: Enter debits before credits. General Journal Debit Credit Year 2016 Journal entry worksheet Record the 2017 cash collections from installment sales. Note: Enter debits before credits. General Journal Debit Credit Year 2017 Journal entry worksheet 1 2 3 4 5 5 6 Record the 2017 recognized gross profit from installment sales. Note: Enter debits before credits. General Journal Debit Year 2017 Credit