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Enter the debit and credits of these 5 transactions. Wallace Inc. uses a...

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Accounting

imageEnter the debit and credits of these 5 transactions.

Wallace Inc. uses a standard cost system and has provided the following information: Budgeted production = 6,000 units Prepare the journal entries to record the following transactions. Assume Wallace Inc. does not maintain inventories other than direct materials. (Do not round your intermediate calculations. Round your answers to the nearest whole number. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. Purchase of direct materials on account. b. Issuance of direct materials to production. c. Incurrence of direct labor. d. Incurrence and application of variable overhead. e. Incurrence and application of fixed overhead

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