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 1C. Li, the owner, contributed $12,200 cash to the company . May 7 The company purchased $8,200 of merchandise on credit from Gomez, terms n/30. May 9 The company sold merchandise costing $1,200 to E. James for $1,300 on credit, terms n/10. May 15 The company borrowed $9,000 cash by signing a note payable to the bank. May 18 The company received $1,300 cash from E. James in payment of the May 9 purchase. May 24 The company sold merchandise costing $950 to B. Cox for $1,000 cash