Exercise 7- (Part Level Submission) R. Santiago Co. uses special joumals and a general journal. The following transactions occurred during May 2017 May1 R. Santiago invested $45,700 cash in the business. 2 Sold merchandise to Lawrle Co. for $6,530 cash. The cost of the merchandise sold was $4,440 3 Purchased merchandise for $7,240 from . Moskas using check no. 101 14 Paid salary to H. Rivera $560 by issuing check no. 102. 16 Sold merchandise on account to K. Stanton for $925, terms n/30. The cost of the merchandise sold was $570 22 A check of $8,740 is received from M. Mangini in full for invoice 101; no discount given Prepare a multiple-column cash receipts jaurnal and rocord the transactions for May that should be journalized. (Record entries in the order presented in the problem statement.) R. SANTIAGO CO. Cash Receipts Journal CR1 Sales Discounts Sales other Cash Dr. Receivable Cr. Cost of Goods Sold Dr. Inventory Cr Date Credited Ref Cr. Cr. 2017 By accessing this Question Assistance, you will leam while you earn points based on the Point Potential Policy set by your instructor