Merchandise purchased for list price of $10,000. Receives 25% trade discount and credit term 2/10, n/30, what's the debit amount to the merchandise inventory account?
Would it be $7,350?
Subtracting the 25% and 2%?

Depends upon how you value your inventory. You should be consistent. You should not change inventory valuation methodolies willy-nilly. In your case, you can value the inventory at list price, or actual acquisition price. As you move forward into the future, your inventory valuation can change if you revalue the entire inventory based upon some other factor like "last purchase valuation" -- which changes all those like items to be valued at the price of the last item purchased. Then, valuation changes have to be accounted for through write-offs.

You do subtract off the 25% trade discount. That's a discount given to certain customers, usually for volume purchases. That means this company's actual price for the item is 75% of it, or 7500. You don't record at list price because that's not the price for this company.

As for the 2% discount, that's a "cash discount" given to encourage early payment of the invoice. As a general rule, it is not taken off at the time of purchase because it's not being paid yet. It's taken off later at the time of payment. However, there is a method that does take that discount off the cost, under the assumption that all discounts will be taken. This looks like homework... and I don't see that method being used much in books. Usually it's not taken until payment. But you should check in your book to make sure of that.