Record the following transactions for Johnson & Johnson Pharmaceuticals for the month of May 2026 and make necessary adjustments:

• May 1: Received $450,000 in cash from the issuance of common stock.
• May 5: Purchased laboratory equipment worth $300,000 on credit.
• May 10: Sold pharmaceutical products for $200,000 in cash.
• May 15: Paid $40,000 in cash for research and development expenses.
• May 20: Received $120,000 in cash from customers on account.
• May 25: Paid $80,000 in cash for employee salaries.
• May 31: Paid $30,000 in cash for utilities.

Adjust for the following:

• Accrued salaries expense: $15,000
• Prepaid insurance expired during the month: $8,000
• Depreciation expense for the month: $25,000