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Mobo, a wireless phone carrier, completed its first year of operations on October 31. All of the year's entries have been recorded, except for the following: a. At year-end, employees earned wages of $6,000, which will be paid on the next payroll date, November 6. b. At year-end, the company had earned interest revenue of $3,000. It will be collected December 1. Required: 1. What is the annual reporting period for this company? 2. dentify whether each required adjustment is a deferral or an accrual. 3. Show the accounting equation effects of each required adjustment, using the format shown in the demonstration case. 4. Why are these adjustments needed?

Mobo, a wireless phone carrier, completed its first year of operations on October 31 . All of the year's entries have been recorded, except for the following: a. At year-end, employees earned wages of $6,000, which will be paid on the next payroll, date, November 6 . b. At year-end, the company had earned interest revenue of $3,000. It will be collected December 1 . Required: 1. What is the annual reporting period for this company? 2. dentify whether each required adjustment is a deferral or an accrual. 3. Show the accounting equation effects of each required adjustment, using the format shown in the demonstration case. 4. Why are these adjustments needed

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