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. u, the owner, contributed $11,600 cash to the company. 7 The company purchased 57,600 of merchandise on credit from Gomez, terms 1/30. 9 The company sold merchandise costing $1,ese on credit to E. Danes for $1,150, terus n/10. 15 The company borrowed $7,500 cash by signing a note payable to the bank. ia The company received $1,150 cash from E. James in payment of the May 9 purchase. 24 The company sold merchandise costing 5800 to 0. Cox for $850 cash. CASH RECEIPTS JOURNAL Date Account Credited Cash Dr. Sales Discount Dr. Accounts Receivable.CH Sales C. Other Accounts Cr. Cost of Goods Sold Dr. Inventory C