Record the following transactions for Johnson & Johnson Inc. for the month of January 2025 and make necessary adjustments:

• Jan 1: Received $400,000 in cash from the issuance of common stock.
• Jan 5: Purchased equipment worth $200,000 on credit.
• Jan 10: Sold merchandise for $150,000 in cash.
• Jan 15: Paid $30,000 in cash for operating expenses.
• Jan 20: Received $80,000 in cash from customers on account.
• Jan 25: Paid $60,000 in cash for salaries.
• Jan 31: Paid $20,000 in cash for utilities.

Adjust for the following:

• Accrued salaries expense: $10,000
• Prepaid insurance expired during the month: $5,000
• Depreciation expense for the month: $15,000