X Company prepares monthly Financial statements. It rent space in a large office complex. On May 1, it paid rent for May and Sune. The accountant made the proper entry on May 1 but failed to make the proper adjusting entry on May 31 What was the effect on the May financial statements Total equities on May 31 were correct; total expenses for May were overstated. Total equities on May 31 were understated; total expenses for May were overstated Total equities on May 31 were understated; total expenses for May were understated Totalities on May 31 were correct, total expenses for May were understated. Total equities on May 31 were overstated; total expenses for May were overstated Total equities on May 31 were overstated to expenses for My were understated