In transoctions involving trade discounts, the trade discounts are deducted from the list prices to arrive at the seiling prices. both seliers and buyes record the transactions at the seiling prices, Record the folbowing transaction involving a trade dicount: May, 15 Bought merchandise on account from Tea Company, 45,650, recelved a 20% trade discount, invoice No. 111 , deted May 10. terms 2/10