Question 43 Not yet answered Marked out of 1.00 P Flag question On December 31, Beirut Company has the following amounts in the determination of cost of goods purchased: Purchases $60,000; Freight-in $10,000; Net purchases $48,000; Purchase returns and allowances $7,000; and Cost of goods purchased $58,000. What is the amount of purchase discounts? a. $2,000 b. $3,000 O c. $5,000 O d. $15,000 Question 44 The final step in the accounting cycle is to prepare Not yet answered Marked out of 1.00 O a. Adjusting entries O b. Financial statements O c. Closing entries O d. A post-closing trial balance. P Flag