Brief Exercise 8-53 Unearned Rent Revenue Mannion Property Management leases commercial properties and expects its clients to pay rent on a monthly basis. A new client signs a 4-year lease with a yearly rent of $420,000 and agrees to pay the first 6 months in advance. Required: 1. Make the journal entry to record the customer's prepayment of 6 months' rent. Cash (Record Record prepayment of rent) 210,000 210,000 2. Make the journal entry to record the necessary adjusting entry after 1 month has passed. Rent Revenue (Record recognition of rent revenue) 35,000 35,000