Merchandise was purchased on account from Jacob's Distributors on May 17. The purchase price was $1,000, less a 10% trade discount and credit terms of 2/10, n/36 1. Calculate the net amount to record the invoice, less the 10% trade discount. 1,593 X 2. Calculate the amount to be paid on this invoice within the discount period. 1,561 X 1 3. Journalize the purchase of the merchandise on May 17 in a general journal. Journalize the payment on May 27 (within the discount period). Page: 2 Feedback 5 Check My Work Apply the trade discount to the purchase price. The cash discount applies to the net amount after deducting the trade discount. 6 7 DATE 3 4 27 20-- May 17 Purchases ACCOUNT TITLE Accounts Payable/Jacob's Distributors Purchased merchandise Accounts Payable/Jacob's Distributors Cash Purchases Discounts Paid invoice within discount period Check My Work 7 more Check My Work uses remaining. DOC. POST. NO. REF. All work saved. DEBIT 1,000 X 1,593 X CREDIT 1,000 X 2 3 4 1 1,561.14 X 5 31,86 X 6 Save and Exit Previous Next Submit Assignment for Grading