C& s marketing (csm) recently hired a new marketing director, jeff otos, for its downtown minneapolis office. as part of the arrangement, csm agreed on february 28, 2018, to advance jeff $55,000 on a one-year, 7 percent note, with interest to be paid at maturity on february 28, 2019. csm prepares financial statements on june 30 and december 31. prepare the journal entry that csm will make when the note is established.

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Below are the steps in the measurement process of external transactions. arrange them from first (1) to last (6). event step post transactions to the general ledger. assess whether the transaction results in a debit or credit to account balances. use source documents to identify accounts affected by an external transaction. analyze the impact of the transaction on the accounting equation. prepare a trial balance. record the transaction in a journal using debits and credits.

Levine inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. direct materials (9 pounds at $1.80 per pound) $16.20 direct labor (6 hours at $14.00 per hour) $84.00 during the month of april, the company manufactures 270 units and incurs the following actual costs. direct materials purchased and used (2,500 pounds) $5,000 direct labor (1,660 hours) $22,908 compute the total, price, and quantity variances for materials and labor.