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 $10,600 cash to the company. 7 The company purchased $6,600 of merchandise on credit from Gomez, terms n/30. 9 The company sold merchandise costing $800 on credit to E. James for $900, terms n/10. 15 The company borrowed $5,000 cash by signing a note payable to the bank. 18 The company received $900 cash from E. James in payment of the May 9 purchase. 24 The company sold merchandise costing $550 to B. Cox for $600 cash. CASH RECEIPTS JOURNAL Sales Discount Date Account Credited Cash Dr. Dr. Accounts Receivable. Cr. Sales Cr. Other Accounts Cr Cost of Goods Sold Dr. Inventory Cr. May 01 C. Li, Capital 10,600 10,800 May 15 Notes payable