15 = d. Transaction Anulysis, 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 Deeember transactions are summarized below: The following transactions occurred during the month of December: d. .