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 $7.500, which will be paid on the next payroll date. November 6. b. At year-end, the company had earned interest revenue of $4,500. It will be collected December 1 Required: 1. What is the annual reporting period for this company? November 1 through December 31. November 1 through October 31. September 1 through October 31. 2. Identify whether each required adjustment is a deferral or an accrual. First transaction is deferral O Second transaction is deferral Second transaction is accrual Both transactions are deferral O Both transactions are accruals First transaction is accrual 3. Show the accounting equation effects of each required adjustment. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) Transaction Assets Liabilities + Stockholders' Equity b. 4. Why are these adjustments needed? Adjustments are needed to ensure the financial statements are up-to-date and complete Adjustments are needed to ensure the financial statements are prepared as per cash basis