What is prepaid rent receive?

Prepaid rent received is money "your company" has "received" from a customer to pay rent for "x" amount of time, or prepaid.

Prepaid Rent Received is actually an "income" or "revenue" if you are renting out a building, home, apartment, whatever.

This is just the opposite of Prepaid Rent that is used in the expense. Instead of paying rent, you are receiving it.

Say you own a house you are renting out and the tenant decides to pay 6 months rent in advance, you get the money, but it is recorded as a prepaid rent received, as you now still owe him the full six months rent, you are now obligated to the tenant for the next six months and therefor prepaid rent received (similar to unearned revenue) is a liability for you until the rent is used up.