On 1/1/21 the new controller discovered the following error. On 1/1/2019, the Company received a $300,000 cash payment in advance from a customer for a 3-year data and software subscription service. Revenue should be recognized evenly over the three-year subscription period (2019-2021). However, the previous controller recorded the following journal entry on 1/1/19 in error:

DR Cash 300,000

CR Subscription Revenue 300,000

What entry will the company record on its opening balance sheet of 1/1/21 (if any), and what adjusting journal entry will be recorded on 12/31/21 (if any)? Not all lines are necessarily used. If no JE is required on 1/1/21 or 12/31/21, clearly indicate this by writing no JE required.

Opening Balance Sheet Journal Entry on 1/1/21:

Account Title	Debt	Credit

Adjusting Journal Entry to Record on 12/31/21:

Account Title	Debt	Credit