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What type of account must be present on the balance sheet

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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.

Question 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?

Question 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?

Reference no: EM132487223

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