Rapid Mole Diggers received $7,200 on March 1, 2017 as payment from one of its customers to provide mole eradication services for a period of one year. The services are provided evenly every month. Rapid Mole Diggers fiscal year ends on Dec 31.

1. What journal entry should be made on March 1, 2017?
2. How much revenue will the company have earned by Dec 31, 2017?
3. What journal entry should be made on Dec 31, 2017? Explain why.