Exercise 8-2 Presented below are two independent situations. Assume each company uses a periodic inventory system. 1. On January 6, Sheridan Co. sells merchandise on account to Pryor Company for $6,000, terms 2/10, n/30. On January 16, Pryor Company pays the amount due. 2. On January 10, D. Laskowski purchases $7,716 of merchandise from Grouper Co., terms 2/10, n/30. D. Laskowski returns $516 of merchandise to Grouper on January 15. Grouper Co. charges its customers 1% per month on overdue amounts. On March 10, Grouper records interest on D. Laskowski's past due account. On March 31, D. Laskowski pays his account in full