Answer: before; equality
Explanation: The adjusted trial balance is always prepared before the financial statements are done in order to demonstrate that the accounts balance. Now for the adjustment process, one analyses the account to determine the extent of adjustments, record and summarize the adjusting entries in the account. Steps followed at the end of the accounting period to compile the financial statements are: prepare adjusting entries, prepare adjusted trial balance, prepare the financial statements and lastly preparation of the closing entries.
