Audubon Incs reporting year-end is December 31.

Thepost-closing trial balanceas ofDecember 31, 2022,appears below.

Account TitleDebitsCreditsCash$1,200,000Accounts receivable$ -Supplies$3,000Inventory$80,000Prepaid rent$ - Equipment$50,000Accumulated depreciation-equipment$ (10,000)Notes Payable$100,000Interest payable$ - Salaries payable$10,000Common stock$500,000Retained earnings$723,000Treasury Stock$ (10,000)Sales revenue$ - Cost of goods sold$ - Rent expense$ - Depreciation expense$ - Interest expense$ - Supplies expense$ - Salaries expenseTotals$1,323,000$1,323,000

Following transactions occurred during2023:

On Jan 1, issued 10,000 new common shares and raised a total of $500,000.On Jan 1, paid $30,000 rent to use a building for two years.On Mar 1, paid 2022's salary $10,000 that was not paid last year.On April 1, purchased $120,000 inventory in cashOn May 1, sold and delivered $70,000 worth of inventory at $100,000 on account.On Sep 30, paid the annual interest for the $100,000 that Audubon borrowed from a local bank on Oct 1 of last year. The note requires interest to be paid annually on Sep 30 at 10%.On Oct 1,sold $20,000 worth of inventory at $30,000 and got paid in cash. Audubon will deliver to a customer in 2024.On Dec 1, borrowed $100,000 from a local bank and signed a note. The note requires 12% interest to be paid annually on Nov 30.QUESTION: Prepare the necessary journal entries for transactions in 2023.