On May 1, Ace Sport of Toledo prepaid six months of rent, $4,800. Read the requirements. Requirements Requirement 1. Record the journal entry for the May 1 payment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) 1. Record the journal entry for the May 1 payment. 2. Record the adjusting entry required at May 31. 3. Using T-accounts, post the journal entry and adjusting entry to the accounts involved and show their balances at May 31. (Ignore the Cash account.) Requirement 2. Record the adjusting entry required at May 31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Requirement 3. Using T-accounts, post the journal entry and adjusting entry to the accounts involved and show their balances at May 31 . (Ignore the Cash account.)