Transaction Analysis, Trial Balance, and Financial Statements On December 1, a group of individuals formed a corporation to establish the Humbolt News, a neighborhood newspaper featuring "Help wanted" ads of individuals and advertising by local firms. The free paper will be mailed to about 20,000 local residents; revenue will be generated from advertising and want ads. The December transactions are summarized below: The following transactions occurred during the month of December: $65,000 5,000 550 475 2,800 810 6,300 70 Sold common stock for cash. 2 Paid December rent on furnished office. 3 Purchased on account, T-shirts displaying company, logo. The T-shirts were distributed at a grand opening. 4 Paid amount owed to creditor on account. 5 Collected "Help wanted" ad revenue in cash. 6 Paid post office for cost of bulk mailing. 7 Billed various firms for advertising in the first two issues of newspaper, 8 Paid Courier Service for transporting newspapers to post office. 9 Paid for printing newspaper. 10 Collected "Help wanted" ad revenue in cash. 11 Received invoice for December utilities, to be paid in January. 12 Paid for printing newspaper. 13 Paid December salaries. 14 Billed various firms for advertising in two issues of the newspaper. 15 Paid post office for cost of bulk mailing. 16 Paid Courier Service for transporting newspapers to post office. 17 Collected on accounts receivable. 18 Purchased a printer for office in exchange, for a six month note payable. 3,900 4,570 510 4,400 6,100 8,950 630 90 5,100 3,100 Mouvea recracher ing transactions in the accounts. General Journal Description Post ret. Debit Credit De C Cerro Stock 05 DOC Rentgente 101 SOC LOG POUR Pyetle To record NOS Pare accurat chit od for a 2009 io watad rovence To rec e Delry Expo l u htabulk main wile Acherusing Revenge To recording for advertisino Delivery expense Cash Torreurd payment for turer true 3900 0 2,000 Torecard AMMA farine Ward 0 4,5 510 Acours Payable Torecas Printing Expense La scotte ding Delry Depo Accouchable To recordation of the Orice Equipment Notes Tagave to record suche nter Accounts Receivable Office Equipment (18) Bal Common Stock 1) | Ball (14) 0 0 (17) Bal ooooooooo (10) (12) (13) (15) (16) (17) Bal (3) Accounts Payable 10 0 (18) Bal Notes Payable 0 0 (9) (12) Bal Printing Expense | 0 Advertising Revenue (7) (14) | 01 Bal (11) Bal Want Ad Revenue | (5) Rent Expense 0 (2) Bal | | | Utilities Expense (11) | Bal Advertising Expense | (3) | Ball | 0 (10) Bal Salaries Expense (13) | Ball (6) (8) (15) (16) Bal Delivery Expense