Trade Discount and Cash Discounts Merchandise was purchased on account from Jacob's Distributors on May 17. The purchase price was $2,600, less a 10% trade discount and credit terms of 2/10, n/30. 1. Calculate the net amount to record the invoice, less the 10% trade discount. 2,340 2. Calculate the amount to be paid on this invoice within the discount period. 3. Journalize the purchase of the merchandise on May 17 in a general journal. Journalize the payment on May 27 (within the discount period). DOC. POST. NO. REF. DEBIT CREDIT Page: ACCOUNT TITLE Accounts Payable/Jacob's Distributors DATE 20-- 1 Purchases May 17 2 3 4:27 5 6 Purchased merchandise Accounts Payable/Jacob's Distributors Cash Purchases Discounts Paid invoice within discount period 1 00.000 00 000