Gerhard News collects payments from customers for newspaper subscriptions on a yearly basis (specifically, in one- year subscriptions). Each month, Gerhard must record an adjusting entry to recognize the monthly revenue earned. On March 1, Gerhard collected $ 24,000 cash for one- year subscriptions. Prepare the journal entry to record the initial transaction and the entry that Gerhard will prepare on March 31 to recognize the monthly subscription revenue.