An analytical microscopic theory for the resonant multiple scattering of light by cold atoms with arbitrary internal degeneracy is presented. It permits us to calculate the average amplitude and the average intensity for one-photon states of the full transverse electromagnetic field in a dilute medium of unpolarized atoms. Special emphasis is laid upon an analysis in terms of irreducible representations of the rotation group. It allows us to sum explicitly the ladder and maximally crossed diagrams, giving the average intensity in the Boltzmann approximation and the interference corrections responsible for weak localization and coherent backscattering. The exact decomposition into field modes shows that the atomic internal degeneracy contributes to the depolarization of the average intensity and suppresses the interference corrections. Static as well as dynamic quantities such as the transport velocity, diffusion constants and relaxation times for all field modes and all atomic transitions are derived.