Cornerstone Exercise 8-30 Unearned Rent Revenue EWO Property Management leases commercial properties. A new client signs a 3-year lease and agrees to pay the first 2 months in advance. The monthly rent is $85,000. Required: Prepare the journal entry to record (1) the customers' prepayment of 2 months' rent and (2) the necessary adjusting entry after 1 month has passed. (1) (Record cash received for rent paid in advance) (2) (Record revenue)