Li Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize thefollowing transactions that should be recorded in the cash receipts journal.May 1 C. Li, the owner, contributed $9,400 cash to the company.May 7 The company purchased $5,400 of merchandise on credit from Gomez, terms n/30.May 9 The company sold merchandise costing $500 to E. James for $600 on credit, terms n/10..May 15 The company borrowed $2,000 cash by signing a note payable to the bank.May 18 The company received $600 cash from E. James in payment of the May 9 purchase.May 24 The company sold merchandise costing $250 to B. Cox for $300 cash.CASH RECEIPTS JOURNALDateAccount CreditedCash DebitSales DiscountDebitAccountsReceivableCreditOther AccountsSales CreditCreditCost of Goods SoldDebit Inventory Credit13

Name: Li Company uses a sales journal, purchases journal, cash receipts jou
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Description: Li Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize thefollowing transactions that should be recorded in the cash receipts journal.May 1 C. Li, the owner, contributed $9,4

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iCompany uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and Ollowing transactions that should be recorded in the cash receipts journal. May 1 C. Li, the owner, contributed $9,400 cash to the company. May 7 The company purchased $5,400 of merchandise on credit from Gomez, terms n/30. May 9 The company sold merchandise costing $500 to E. James for $600 on credit, terms n/10. ay 15 The company borrowed $2,000 cash by signing a note payable to the bank. ay 18 The company received $600 cash from E. James in payment of the May 9 purchase. ay 24 The company sold merchandise costing $250 to B. Cox for $300 cash. CASH RECEIPTS JOURNAL

iCompany uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and Ollowing transactions that should be recorded in the cash receipts journal. May 1 C. Li, the owner, contributed $9,400 cash to the company. May 7 The company purchased $5,400 of merchandise on credit from Gomez, terms n/30. May 9 The company sold merchandise costing $500 to E. James for $600 on credit, terms n/10. ay 15 The company borrowed $2,000 cash by signing a note payable to the bank. ay 18 The company received $600 cash from E. James in payment of the May 9 purchase. ay 24 The company sold merchandise costing $250 to B. Cox for $300 cash. CASH RECEIPTS JOURNAL

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Li Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal and general journal. Prepare a cash receipts journal like the one in Exhibit 7.7. Journalize the following transactions that should be recorded in the cash receipts journal. May 1. C. Li the owner, contributed $9000 cash to the company. May 7. The company purchased $5000 of merchandise on credit from Gomez, n/30 May 9. The company sold merchandise costing $400 to E. James for $500 on credit, terms n/10 May 15. The company borrowed $1000 cash by signing a note payable to the bank. May 18. The company received $500 cash from E. James in payment of the May 9 purchase. May 24. The company sold merchandise costing $150 to B. Cox for $200 cash
How did I complete this journal entry?
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