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AP® Calculus AB-BC

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Moderate

Close Discounts and Returns

FINACT-X4CYYP

During the year of 2015, BestComputer Inc. had a total of \$20,000 sales discounts and \$50,000 sales returns.

(I): Are sales discounts and sales returns temporary accounts (yes or no)?

(II): In order to close sales discounts and sales returns, did the company debit or credit the income summary?