The Cloud Company employs a perpetual inventory system, and the Sky Corporation uses a periodic system. Describe

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The Cloud Company employs a perpetual inventory system, and the Sky Corporation uses a periodic system. Describe the differences between the two systems in accounting for the following events: 

(1) Purchase of inventory 

(2) Sale of inventory

(3) Return of inventory to supplier 

(4) Payment of freight charge on inventory purchased. Indicate which inventory-related accounts would be debited or credited for each event.

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