The Merchandise account normally has a credit balance. True False The normal balance of Income Summary is: 1 O A. debit. O B. credit. OC. The account does not have a normal balance. OD. It depends on the change of the inventory balance. The normal balance of Rental Income is: O A. a debit x O B. zero. O c. a credit. D. dependent on the circumstances. When using the perpetual method, Merchandise Inventory appears on both the Income Statement and the Balance Sheet O True O False Beginning inventory is adjusted by crediting Merchandise Inventory and debiting Income Summary. True O False