PRINTER VERSION Exercise 7-7 R. Santiago Co. uses special joumals and a general journal. The following transactions occurred during May 2017 May 1 R. Santiago invested $50,400 cash in the business 2 Sold merchandise to Lawrie Co. for $6,550 cash. The cost of the merchandise sold was $4,620 3 Purchased merchandise for $7,600 from ). Moskos using check no. 101. 14 Paid salary to H. Rivera 5860 by issuing check no. 102 16 Sold merchandise on account to K. Stanton for $925, terms n/30. The cost of the merchandise sold was $600. 22 A check of $8,520 is received from M. Mangini in full for invoice 101: no discount given Prepare a multiple-column cash receipts journal and record the transactions for May that should be journalized. (Record entries in the order presented in the statement.) R. SANTIARD CO. Cash Receipts Journal Sales CR1 Cost of Goods Sold Accounts Receivable Date Discounts Credited Revenue Other Accounts Dr. 2017 Inventory Cr. ES