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Need answers for 1, 2 & 3 for this MULTISTEP question. Mobol, a wireless phone carrier, completed its first year of operations on October 31.
Need answers for 1, 2 & 3 for this MULTISTEP question.
Mobol, 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 $3,900, which will be paid on the next payroll date, November 13. b. At year-end, the company had earned interest revenue of $2,900. It will be collected December 1. Required: 1. What is the annual reporting period for this company? April 1 through March 31 November 1 through October 31 O April 1 through December 31 2. Identify whether each required adjustment is a deferral or an accrual. Both transactions are accruals O Both transactions are deferral First transaction is accrual O First transaction is deferral Second transaction is accrual Second transaction is deferral 3. Show the accounting equation effects of each required adjustment. (Enter any decreases to accounts with a minus sign.) Assets Liabilities Shareholders' Equity a OStep by Step Solution
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