(They are talking on the phone)

Question

A: You have turned up the radio.
As it's too noisy, I can't hear you.
B: Sorry, I will turn down the radio.
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In this short dialogue, doesn't "it" in "it's too noisy" refer to "the radio"?

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The dog is barking now. As it is too noisy, I can't hear you.
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In this case, does 'it' refer to 'the dog'? Then 'it' is a personal pronoun refering to 'the dog.' Am I right?

Answer 1

Yes. Both of your answers are right.