The Coca-Cola Company reported the following transactions in January 2025:

• January 3: Purchased raw materials for $40,000 on account.
• January 7: Paid $8,000 for insurance for the next 12 months.
• January 12: Made cash sales of $55,000.
• January 18: Paid $4,000 for utilities.
• January 25: Received $20,000 from customers on account.

Requirements:

1. Journalize the transactions.
2. Post the transactions to the general ledger.
3. Prepare the trial balance as of January 31, 2025.
4. Adjust the insurance expense for one month.
5. Calculate the gross profit for January 2025.