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Required information E4-4 (Algo) Determining Adjustments and Accounting Equation Effects [LO 4-1, LO 4-2] [The following information applies to the questions displayed below.] 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 $7,900, which will be paid on the next payroll date, November 6 . b. At year-end, the company had earned interest revenue of $4,900. It will be collected December 1. E4-4 (Algo) Part 3 3. Show the occounting equation effects of each required adjustment. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) 2. Identify whether each required adjustment is a deferral or an accrual. (Check all that apply.) Check All That Apply Both transactions are accruals Both transactions are deferral First transaction is accrual First transaction is defertal Second tiahsaction is accrual fiecond transaction is deferrol Required information E4-4 (Algo) Determining Adjustments and Accounting Equation Effects [LO 4-1, LO 4-2] [The following information applies to the questions displayed below.] 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 $7,900, which will be paid on the next payroll date, November 6 . b. At year-end, the company had earned interest revenue of $4,900. It will be collected December 1 . E4-4 (Algo) Part 4 4. Why are these adjustments needed? Adjustments are needed to ensure the financial statements are prepared as per cash basis. Adjustments are needed to ensure the financial statements are up-to-date and complete. [The following information applies to the questions displayed below.] 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 $7,900, which will be paid on the next payroll date, November 6 . b. At year-end, the company had earned interest revenue of $4,900. It will be collected December 1 . E4-4 (Algo) Part 1 Required: 1. What is the annual reporting period for this company? September 1 through October 31 . November 1 th ough December 31. November 1 through October 31