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 $10,800 cash to the company. 7 The company purchased $6,800 of merchandise on credit from Gomez, terms n/30. 9 The company sold merchandise costing $850 on credit to E. James for $950, terms n/10. 15 The company borrowed $5,500 cash by signing a note payable to the bank. 18 The company received $950 cash from E. James in payment of the May 9 purchase. 24 The company sold merchandise costing $600 to B. Cox for $650 cash. CASH RECEIPTS JOURNAL Sales Discount Dr. Other Accounts Cr. Date Sales Cr. Accounts Receivable. Cr. Cost of Goods Sold Dr. Inventory Cr. Account Credited Cash Dr