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X Company prepares monthly financial statements. It rents space in a large office complex. On May 1, it paid rent for May and June. The

X Company prepares monthly financial statements. It rents space in a large office complex. On May 1, it paid rent for May and June. 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?

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