Instructions a. For each of the above transactions, prepare the journal entry to record the initial transaction. b. For each of the above transactions, prepare the adjusting journal entry that is required on December 31 . (Hint: Use the account Service Revenue for item 3 and Maintenance and Repair Expense for item 4.) c. Post the journal entries in parts (a) and (b) to T-accounts and determine the final balance in each account balance. (Note: Posting to the Cash account is not required.) E3.16 (LO 3) Greenock Company has the following information available for accruals for the year ended Prepare adjusting and subsequent December 31,2020 . The company adjusts its accounts annually. entries for aceruals. 1. The December utility bill for $425 was unrecorded on December 31 . Greenock paid the bill on January 11 2. Greenock is open 7 days a week and employees are paid a total of $3,500 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. 3. Greenock signed a $48,000,5% bank loan on November 1,2020 . due in 2 years. No interest payments were made in 2020. Interest for 2020 was paid on January 1,2021. 4. Greenock receives a fee from Pizza 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 Revente account.) 5. 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