The following table contains financial information for trumpeter inc. before closing entries:
cash $12,200
supplies 6,200
prepaid rent 3,800
salary expense 4,900
equipment 66,600
service revenue 29,700
miscellaneous expenses 20,300
dividends 3,600
accounts payable 4,200
common stock 67,400
retained earnings 16,300
what is trumpeter's net income?
$4,500
one major difference between deferral and accrual adjustments is:

The accrual of an Expense/Revenue occurs when an entry to the accounting is made one period before the payment it's made, it happens because the transaction it's made at a moment in time but the payment in the future, Example: Electrical consumption, it ocurrs one month before the payment, we must register the liabilities.

With deferral of an expense occurs the opposite, first the payment of service it's made but it's consumed in the future, it's registered as Pay in Advance, for example, insurance, you paid the invoice that cover 6 months from now.  

Explanation:

Net Income

Sales  $29.700  

Salaries Expenses  -$4.900  

Miscellaneous Expenses-$20.300  

Net Income                 $4.500

Balance Sheets

Assets  

Cash  $12.200  

Prepaid Rent  $3.800  

Equipment  $66.600  

Supplies  $6.200  

TOTAL ASSETS   $88.800  

Liabilities  

Accounts Payable   $4.200  

TOTAL LIABILITIES   $4.200  

Equity  

Common Stock   $67.400  

Retained Earnings   $17.200  

TOTAL EQUITY   $84.600  

Dividends  $3.600