Chris Phillip financial year end is December $31$ each year. The following information and transactions for $2023$ are as follows:

Feb $1.$Paid fourteen $(14)$ months$$ rent on a lease rental contract at $$35,000$ per month.

$1.$ Prepare the Journal entry and general ledger account for the above transaction.

$2.$ Prepare the adjusting journal entry and update the general ledger account for the following transaction

$-$ Rent NOT expired on December $31,2023,$ $$70,000$