Trade Discount and Cash Discounts 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/30. 1. Calculate the net amount to record the invoice, less the 10% trade discount. 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)