Li Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, andgeneral journal. Prepare a cash receipts journal . Journalize the following transactionsthat should be recorded in the cash receipts journal.May 1 C. Li, the owner, contributed $9,000 cash to the company.7 The company purchased $5,000 of merchandise on credit from Gomez, terms n/30.9 The company sold merchandise costing $400 to E. James for $500 on credit, terms n/10.15 The company borrowed $1,000 cash by signing a note payable to the bank.18 The company received $500 cash from E. James in payment of the May 9 purchase.24 The company sold merchandise costing $150 to B. Cox for $200 cash.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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 . Journalize the following transactions
that should be recorded in the cash receipts journal.
May 1 C. Li, the owner, contributed $9,000 cash to the company.
7 The company purchased $5,000 of merchandise on credit from Gomez, terms n/30.
9 The company sold merchandise costing $400 to E. James for $500 on credit, terms n/10.
15 The company borrowed $1,000 cash by signing a note payable to the bank.
18 The company received $500 cash from E. James in payment of the May 9 purchase.
24 The company sold merchandise costing $150 to B. Cox for $200 cash.

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