Mobol, a wireless phone carries, 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 $3,700, which will be paid on the next payroll date, November 13. b. At year-end, the company had earned interest revenue of $2,700. It will be collected December 1 . Required: 1. What is the annual reporting period for this company? April 1 through December 31 November 1 through October 31 April 1 through March 31 2. Identify whether each required adjustment is a deferral or an accrual. Both transactions are aceruals Both transactions are defertal First transaction is accrual First transaction is deferra! Second transoction is accrual 3. Show the occounting equation effects of esch required adjustment. (Enter any decreases to accounts with a minis sign.) 4. Why are these adjustments needed? Adjustments are needed to ensure the financial statements are up-to-dste and complete. Adjustments are needed to ensure the financial statements are prepared as per cash basis