QS 7-7 Cash receipts journal LO P2 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 $12,400 cash to the company. 7 The coapany purchased $8,400 of merchandise on credit from Gosez, torms n/30. 9 The company sold merchandise costing $1,250 on credit to E. Jamos for $1,350, terms n/10, 15 The company borrowed $9,500 cash by signing a note payable, to the bank. 24 The company sold merehandise cash from E. James in payment of the May 9 purchase