Adjusting Journal Entries: [5128] On May 1, Year 4, Wizard Company rented out a portion of its excess office space to another firm for twelve months starting on that date. The terms of the agreement require the tenant to pay Wizard $700 per month and to pay for the entire twelve months on the move-in date, May 1, Year 4. The tenant made the appropriate payment as required and Wizard's bookkeeping staff treated the entire payment as Rent Revenue on the date the payment was received. Nothing else has been done in Year 4 in the accounting records of the firm until your adjusting journal entry [AJE] on Dec. 31, Year 4. Required: Show the proper AJE on Dec. 31, Year 4, the end of Wizard's fiscal year. Debit or Credit Account Title Amount On May 1, Year 5, Wizard Company renewed the lease with the same tenant at a new rate of $800 per month. The renewal lease was also for one year starting on May 1, Year 5. The terms of the agreement require the tenant to pay Wizard for these twelve months at the end of the second twelve-month period, May 1, Year 6. Nothing else has been done in Year 5 in the accounting records of the firm until your AJE on Dec. 31, Year 5. Required: Show the proper AJE on Dec. 31, Year 5. Debit or Credit Account Title Amount