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b) DEF Company sells hockey equipment. They use a perpetual inventory system. The company is...

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Accounting

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b) DEF Company sells hockey equipment. They use a perpetual inventory system. The company is located in Ontario with an HST rate of 1395 . The following transactions took place in August 2022. August 10 Purchased 500 pairs of skates ( on account) for $50,000 ( plus HST) from Skates inc. 16 The cost of the skates sold was $10,000. 22 Returned $1,000 worth of skates ( from the August 10 purchase ) to Skates inc, (they were defective). Instructions: Prepare the necessary journal entries to record the above transactions

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