installment sales equals 360000 in 2011; installment sales for 2012 equals 350000; cost of installment sales for 2011 equals 234000; cost of

installment sales equals 360000 in 2011; installment sales for 2012 equals 350000; cost of installment sales for 2011 equals 234000; cost of installment sales for 2012 equals 245000; cash collections on installment sales duuring 2011 equals 150000 and in 2012 equals 100000; cash collections on installment sales during 2011 equals 0 and in 2012 equals 120000.Prepare summary journal entries for 2011 and 2012 to account for the installment sales and cash collections. The company uses the perpetual inventory system.
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