Presented here are selected transactions for the Sheridan Company during April. Sheridan uses the periodic inventory system. April. 1 Sold merchandise to Land Company for $7,400, terms 3/10, n/30. The merchandise sold had a cost of $2,700. 2 Purchased merchandise from Webb Corporation for $9,000, terms 1/10, n/30. 4 Purchased merchandise from Ryan Company for $2,900, n/30. 10 Received payment from Land Company for purchase of April 1 less appropriate discount. 11 Paid Webb Corporation for April 2 purchase. Date Account Titles and Explanation Debit Credit