Unearned Rent Revenue First American Property Management leases commercial properties and expects its clients to pay rent on a monthly basis. A new client signs a 3-year lease with a yearly rent of $285,000 and agrees to pay the first 3 months in advance. Required: 1. Make the journal entry to record the customer's prepayment of 3 months' rent. If an amount box does not require an entry, leave it blank. 88 (Record Record prepayment of rent) 2. Make the journal entry to record the necessary adjusting entry after 1 month has passed. If an amount box does not require an entry, leave it blank. (Record recognition of rent revenue)

First Amencan Property Management leases commercial properties and expects its clients to pay rent on a monthly bosis. A new client signs a 3 vear lease with a yearly rent of $285,000 and agrees to pay the first 3 months in advance. Required: 1. Make the journal entry to record the customer's prepayment of I months' rent. If an amount box does not require an entry, leave if blank. (Record Record prepayment of rent) 2. Make the journal entry to record the necessory adjusting entry aftet 1 month has passed. If an amount box does not require an entry, leave it blank. (Record recognition of rent revenue)