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The adjustment for Unearned Rent Revenue is recorded when: O A. cash is received. B. rent is earned. C. payment is made for rent. D. revenue is received. The financial statement on which Rental Income would appear is the: ..... A. trial balance. O B. income statement. O c. balance sheet. D. owner's equity statement. The normal balance of Income Summary is: ..... O A. debit OB. credit. O C. The account does not have a normal balance. OD. It depends on the change of the inventory balance. Net Income equals: O A. Net Sales - Cost of Goods Sold Operating Expenses. OB. Sales - Sales Returns & Allowances - Sales Discounts O c. Gross Profit - Operating Expenses. OD. All of the above are correct. Cost of Goods Sold - Operating Expenses. nyt Net Income equals: *** Cost of Goods Sold - Operating Expenses. A. Net Sales - Cost of Goods Sold - Operating Expenses, B. Sales - Sales Returns & Allowances - Sales Discounts c. Gross Profit - Operating Expenses. D. All of the above are correct