1. A wholesale business sells goods with a list price of $1,200 and a trade discount of 30 percent. The net price is

a. $1,560 b. $360 c. $840 d. $1,200

2.A creditor's account in the accounts payable ledger has a $1,600 beginning balance. After a transaction for $700 is posted from the purchases journal, the balance of the creditor's account is:

a. $900 credit b. $2,300 debit c. $2,300 credit d. $900 debit