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 $230,000 177,100 2017 $240,000 172,800 Installment sales Cost of installment sales Cash collections on installment sales during: 2016 2017 98,000 63,000 82,000 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.) View transaction list View transaction list Journal entry worksheet mework i Saved View transaction list 1 Record the 2016 installment sales. 2 Record the 2016 cash collections from installment sales. 3 Record the 2016 recognized gross profit from installent sales. 4 Record the 2017 installment sales. 5 Record the 2017 cash collections from installment sales. Cre 6 Record the 2017 recognized gross profit from installment sales. Note : - journal entry has been entered Record entry Clear entry View gend