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A transaction for $20,000 of purchases offers 10% trade discount and 2% cash discount. What amount will be recorded as Purchases? $19,600 $18,000 $17,640 $20,000

A transaction for $20,000 of purchases offers 10% trade discount and 2% cash discount.

What amount will be recorded as Purchases? 

$19,600

$18,000

$17,640

$20,000

If both discounts are claimed, how much is recorded as discounts received? 

$360

None of the above

$2,360

$2,000

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