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Identify the impact on the balance sheet if the following information is not used to adjust the accounts: Insurance of $450 expired during the month.

None of these answers are correct.

Assets understated and Stockholders' Equity understated by $450.

Assets understated and Stockholders' Equity overstated by $450.

Assets overstated and Stockholders' Equity overstated by $450.

Assets overstated and Stockholders' Equity understated by $450.

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