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 at 111 Warehouse Way Rental rate .............................................................. $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 .............................................................. $4,000 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 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, 2018 was $0. On January 1, 2019, 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 ...... (3 x $4,000) ..... $12,000 Total cash collected on January 1, 2019 $21,000 The following is a partial list of the accounts in Apexs General Ledger. These are the only accounts you need for this problem. Cash Unearned Rent Revenue (liability account) Rent Revenue (revenue account) Use the forms on Tabs 8-1 A and 8-1 B in the Excel file Problem 8-1 to 8-4 Forms.xls to complete this problem. Requirement 1 Prepare the January 1, 2019 General Journal entry to record the receipt of the $21,000 cash for 3 months advance payment of rent for both buildings.