On May 1, Nick's Sport Shop of Toledo prepaid six months of rent $4.800 Read the requirements Requirement 1. Record the journal entry for the May 1 payment Record debits first, then credits Select the explanation on the lastne of the journal entry table> Date Accounts and Explanation Debit Credit May 1 Requirement 2. Record the adjusting entry required at May 31 (Record debits first the credits Select the explanation on the last line of the journal entry table Date Accounts and Explanation Debit Credit May 31 Requirement 2. Record the adjusting entry required at May 31 (Record debities, the credits Select the explanation on the last line of the journal entry table Date Accounts and Explanation Debit Credit May 31 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) Post the journal entry and adjusting entry to the two accounts using the dates as posting references and then calculate and enter the ending balance of the accounts using a "Bal" posting reference Prepaid Rent Rent Expense Requirements 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.) t.)