Trey Company entered into the following two transactions. Trey prepares financial statements annually at December $31.$ Trey rents a building for $$3,600$ per month beginning December $1.$ By agreement, Trey paid cash for both December and January rent on January $2.$ Trey rents space in a building it owns to a tenant for $$700$ per month. Trey agreed to allow the tenant to delay payment for December and January rent until January $3$ when the tenant paid cash for both months. Required: Prepare adjusting entries the company must record for these events as of December $31.$ Assuming Trey does not use reversing entries, prepare journal entries to record Trey$$s payment of rent on January $2$ and the collection of the tenant$$s rent on January $3.$ Assuming Trey uses reversing entries, prepare reversing entries on January $1.$ Also prepare journal entries to record Trey$$s payment of rent on January $2$ and the receipt of the tenant$$s rent on January $3.$Prepare adjusting entries the company must record for these events as of December $31.$ Trey rents space in a building it owns to a tenant for $$700$ per month. Trey agreed to allow the tenant to delay payment for December and January rent until January $3$ when the tenant paid cash for both months.