The company sells satellite phone service. Customers are required to pay an initial fee of $360, followed by continuing service fees of $50 per month. The initial fee is not refundable. The company’s best estimate is that the average customer will continue the service for three years. On January 1, the company signed up 200 new customers. Make the journal entries necessary to record

(1) The receipt of the initial fees from these 200 customers

(2) The receipt of the first monthly payment from the 200 customers

(3) The partial recognition of the initial fees as revenue after the first month.