The Fr Select one: O a. is contra to the Purchases account. O O b. has a normal credit balance. c. is a permanent account. d. increases the cost of merchandise purchased. Which of the following statements related to the adjusted trial balance is incorrect Select one: a. It proves the equality of the total debit balances and the total credit balances in the ledger. b. Financial statements can be prepared directly from the adjusted trial balance. c. It shows the balances of all accounts at the end of the accounting period. d. It is prepared before adjusting entries have been made