When payment has been done for three months of storage on the first month, the payment must be recorded as: Prepaid rent.
Payment is the act of giving money in exchange of some goods or services. The payment is usually the exchange of money however is could be some other substance that holds some value and is acceptable to both the parties of give and take.
Rent is the money offered in return of using someone's property like land, house, store, or any other product. Rent is paid when a person who does not own the object used it for some temporary period of time.
To know more about rent, here
brainly.com/question/22333666\
#SPJ4
