Response to the following questions:
1 .Identify each of the following accounts of Haifa Services Co. as asset, liability, stockholders' equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit.
a. Accounts Payable
b. Accounts Receivable
c. Cash
d. Capital Stock
e. Dividends
f. Equipment
g. Fees Earned
h. Rent Expense
i. Salary Expense
j. Supplies
2. What is the difference between adjusting entries and closing entries?