Turn to page 131 of your textbook. While this course did not delve deeply into the adjusting process, it's important for you to understand that only the Accrual basis, which is GAAP, requires adjusting entries in order to be certain that revenues and expenses are recorded in the proper period and that the balance sheet presents a true picture of the assets and liabilities regardless of when the cash flow happens for revenues and expenses. 1. If Groupon has not collected all of the $3,181 in revenue, what account will they have on their balance sheet and how much is this account? 2. If Groupon has not paid for all of the $3,255 of expenses recognized on the income statement for the year ended December 31, 2017 what type of account must be present on the balance sheet?