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 $12,000 cash to the company. 7 The company purchased $8,000 of merchandise on credit from Gomez, teres n/30. 9 The company sold merchandise costing $1,150 on credit to E. James for $1,250, teres n/10. 15 The company borrowed $8,500 cash by signing a note payable to the bank. 18 The company received $1,250 cash from E. James in payment of the May 9 purchase. 24 The company sold merchandise costing $900 to 8. Cox for $950 cash. CASH RECEIPTS JOURNAL Date Account Credited Cash Dr. Sales Discount Dr. Accounts Receivable. Cr. Sales Cr. Other Accounts Cr. Cost of Goods Sold Dr. Inventory Cr.