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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
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
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