Question

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

Answer 1

Cred & o. o Juble HUMBOLT NEWS Trial Balance December 31 Desit Cash & 55995 Acement Recereble 101so office Equipment 3100 A counts Payable Notes Payable Common stock Aduerting Revenue o Want Ad Revenue o - Я чекаме $350 Adverting Expense $500 utilities Expense $510 Sоlаku Ско $ € | " Rent Expense a500 Delivery Expense & 1600 oooo $589 $3100 6 SOUD 15250 & 7370 0 0 0 0 0 Тъ ҳам, & 91305 | $91305

HUMBOLT NEWS Income statement For the month Ended December 31 - Revenue Advertising Revenue &. isaso Want Ad Revenue & 7370 Total Percenues 1$ 22620) edunt Expenses - Ponting Expenses Advertising Expenses 550 برام مهم ناجی slo Saleries Expenses 6100 5000 Delivery Expenses $22060 rotal Expenses Met Income $ 560 /

Cash Acements porceable office Equipment HUMBOLT NELLS Balancesheet December 31 Warthes $55995 Acanuts payable $585 10150 notes Payable $3100 3100 rodal Casitties $3685 stock holder's Guity Common stock 65000 Retained Camings 560 [net in cond ] Total stockholdes 865560 اثری Total Assets I $69245 I Total sched & stockholden | $69245 - Equity