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How identify required adjustment is a deferral or an accrual

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Reference no: EM132714494

Mobol, a wireless phone carrier, completed its first year of operations on December 31, 2017. All of the 2017 entries have been recorded, except for the following:

  1. At year-end, employees earned wages of $3,800, which will be paid on the next payroll date, January 13, 2018. At year-end, the company had earned interest revenue of $2,800. It will be collected March 1, 2018.

Problem 1. Identify whether each required adjustment is a deferral or an accrual.

multiple choice

A. Both transactions are accruals
B. Both transactions are deferral
C. First transaction is accrual
D. First transaction is deferral
E. Second transaction is accrual
F. Second transaction is deferral

Reference no: EM132714494

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