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 $190,000 123,500 2017 $225,000 171.000 Installment sales Cost of installment sales Cash collections on installment sales during: 2016 2017 81,000 53,000 77,000 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 Journal entry worksheet Record the 2016 installment sales