Record the following transactions for Toyota Motor Corporation for the month of November 2025 and make necessary adjustments:

• Nov 1: Received $400,000 in cash from the issuance of common stock.
• Nov 5: Purchased equipment worth $250,000 on credit.
• Nov 10: Sold merchandise for $180,000 in cash.
• Nov 15: Paid $35,000 in cash for operating expenses.
• Nov 20: Received $90,000 in cash from customers on account.
• Nov 25: Paid $70,000 in cash for salaries.
• Nov 30: Paid $25,000 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: $20,000