sconnect BRIEF EXERCISES Record accounts receivable and trade discount (L05-2) Page 262 BE5-1 The Giles Agency offers a 12% trade discount when providing advertising services of $1,000 or more to its customers. Audrey's Antiques decides to purchase advertising services of $3,500 (not including the trade discount), while Michael's Motors purchases only $700 of advertising. Both services are provided on account. Record both transactions for The Giles Agency, accounting for any trade discounts