5 ces QS 7-7 (Algo) Cash receipts journal LO P2 Li Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the cash receipts journal. May 1 C. Li, the owner, contributed $11,400 cash to the company. May 7 The company purchased $7,400 of merchandise on credit from Gomez, terms n/30. May 9 The company sold merchandise costing $1,000 to E. James for $1,100 on credit, terms n/10. May 15 The company borrowed $7,000 cash by signing a note payable to the bank. May 18 The company received $1,100 cash from E. James in payment of the May 9 purchase. May 24 The company sold merchandise costing $750 to B. Cox for $800 cash. CASH RECEIPTS JOURNAL Date Account Credited Cash Debit Sales Discount Debit Accounts Receivable Credit Sales Credit Other Accounts Credit Cost of Goods Sold Debit Inventory Credit May 01 May 07 May 09 May 15 May 18 May 24