Problem 8-1 Collecting Rent In Advance and the Monthly Adjusting Entry Apex Properties, Inc. owns two warehouse buildings that it rents to other businesses. The two buildings are very desirable properties and this enables Apex to require that renters pay rent in advance. The following is data for each building: Building #1-Located a11 1 1 Warehouse Way $3,000 per month Number of months of rent collected in advance....3 months Dates when rent is collected in advance. January 1, April 1, July 1, October 1 Building #2-Located at 444 Storage Street Rental rate Number of months of rent collected in advance.... 3 months Dates when rent is collected in advance January 1, April 1, July 1. October 1 $4,000 per month Apex has the accounting policy that rent collected in advance be initially recorded in a liability account. The balance in the Unearned Rent Revenue account as of December 31, 2016 was $o. On January 1, 2017, Apex collected cash for the 3 month advance payment of rent for both buildings. The cash collected is detailed below Building #1-for Jan, Feb. & March-3 months cash collected (3 x $3.000) $ 9,000 Building #2-for Jan., Feb. & March-3 months cash collected (3x S4,000) Total cash collected on January 1, 2017 s12000 $21,000 The following is a partial list of the accounts in Apex's General Ledger. These are the only accounts you need for this problemm. D Cash D Unearned Rent Revenue (liablity account) D Rent Revenue (revenue account) Remove and use the forms on Pgs 227 and 228 to complete this problem. Requirement 1 the January 1, 2017 General Journal entry to record the receipt of the $21,000 cash Prepare for 3 months advance payment of rent for both buildings