Differenciate between adjusting entries and closing entries

Reference no: EM131527454

Question: 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?

Reference no: EM131527454

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