A landlord fails to make improvements to keep the balconies of his apartment building at a level of repair that meets the city code. After several warnings from the city, one of the balconies falls and smashes the furniture and barbecue of one of the tenants. Another tenant is near the balcony when it falls but no one sustains physical injuries. Compensatory damages may include:

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.