Which of the statements below is not true?
an adjusted trial balance is prepared before all transactions have been journalized.
an adjusted trial balance can be used to prepare financial statements.
an adjusted trial balance should show ledger account balances.
an adjusted trial balance proves the mathematical equality of debits and credits in the ledger.

Option (A) is correct, adjusted trial balance is prepared before journalizing all transactions is not true.

Explanation:

Adjusting trial balance lists closing balance of all accounts after preparing adjusting entries. It is summary of all accounts to ensure that debit and credit sides of accounts match.

Adjusted trial balance help in preparing financial statements as all adjustments are taken into account. Ledger balances are posted in adjusted trial balance. So, all statements are correct except (A).

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