Check my wo 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 $9,000 cash to the company. 7 The company purchased $5,000 of merchandise on credit from Gomez, terms n/30. 9 The company sold merchandise costing $400 on credit to E. James for $500, terms n/10. 15 The company borrowed $1,000 cash by signing a note payable to the bank. 18 The company received $500 cash from E. James in payment of the May 9 purchase. 24 The company sold merchandise costing $150 to B. Cox for $200 cash. CASH RECEIPTS JOURNAL Sales Discount Accounts Dr. Receivable. Cr. Date Cash Dr. Account Credited Receivable. Cr. Sales Cr. Other Accounts Cr. Cost of Goods Sold Dr. Inventory Cr.