Exercise $2$: Greenock Company has the following information available for accruals for the year ended

December $31,2020.$ The company adjusts its accounts annually

The December utility bill for $$425$ was unrecorded on December $31.$ Greenock paid the bill on January $11.$

Greenock is open $7$ days a week and employees are paid a total of $$3\mathrm{.}500$ every Monday for a $7-$day $($Monday$-$Sunday$)$ workweek. December $31$ is a Thursday, so employees will have worked $4$ days $($Monday$,$ December $28-$Thursday, December $31)$ that they have not been paid for by year$-$end. Employees will be paid next on January $4.$

Greenock signed a $$48,000,5\%$ bank loan on November $1\mathrm{.}2020.$ due in $2$ years. No interest payments were made in $2020.$ Interest for $2020$ was paid on January $1,2021.$

Greenock receives a fee from Piza Shop next door for all pizzas sold to customers using Greenock's facility. The amount owed for December is $$300,$ which Pizza Shop will pay on January $4.($Hint: Use the Service Revenue account.$)$

Greenock rented some of its unused warehouse space to a client for $$6,000$ a month, payable the first day of the following month. It received the rent for the month of December on January $2.$

Required:

Record the transactions in the general journal for $2020.$

Post the transactions to the ledger $(T$ accounts$)$ and calculate closing balances of the accounts