Final answer:
In a perpetual inventory system used by a merchandising company, the account that normally appears is the Cost of Goods Sold (C), which reflects the direct costs of product sold, updating inventory in real time.
Step-by-step explanation:
The account that will normally appear in the ledger of a merchandising company that uses a perpetual inventory system is Cost of Goods Sold (C). In a perpetual inventory system, inventory levels are updated for each sale in real time through a point-of-sales system. This means that when a merchandising company sells goods, it must also record the cost associated with those goods immediately.
This cost, known as Cost of Goods Sold, reflects the direct costs attributable to the production of the goods sold by the company. Accounts like Rent Expense (A) would also appear but it is not specific to the nature of a merchandising company nor does it relate directly to the perpetual inventory system. Service Revenue (B) is more typical for a service-oriented business, not a merchandising company. Owner's Equity (D) is a component of the balance sheet that would also be present but not affected by the day-to-day sales transactions like Cost of Goods Sold.