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Default Please help me with this judgment

Hi all,

I need this function to deal with thousands of records. Please give me
a hand. Thank you very much.
I would simplify my problem to the following question.
Say I have a column A and B in sheet1, A1=fdhjsa, A2=rieqrew,
A3=mxnvvc,..., A10=rewkjrk. Now I want to set a judgment to
corresponding B cell, if "fdhjsa"(A1) exist in sheet2!$A$1:$Z$500, then
B1="yes", else B1="no", if "rieqrew"(A2) exist in sheet2!$A$1:$Z$500,
then B2="yes", else B2="no"... and so on.
One more question, could I set B2 a color instead of a value of "yes"
or "no"? For example, if "fdhjsa"(A1) exist in sheet2!$A$1:$Z$500, cell
B2 will set to be yellow, else B2 will set to be red.
Any information would be appreciated.

Best, zh