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 by 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 the want ads. The December transactions are summarized below:

$\backslash$table$[[,$The following transactions occurred duri,g the month of December:,,$],[,,,,],[1,$Sold common stock for cash,,$$65,000,],[2,$Paid December rent on furnished office,,$5,000,],[3,$Purchased on account, T$-$shirts displayin,company,$550,],[,$logo$.$ The T$-$shirts were distributed at a g$,$rand opening.,,$],[4,$Paid to creditor on account,,$475,],[5,$Collected want ad revenue in cash,,$2,800,],[6,$Paid post office for cost of bulk mailing,,$810,],[,$Billed various firms for advertising in the,first $2$ issues of newspaper,,,$$6,300$