1 Question 2: The following are the balances of the general ledger accounts for Nasr Co. at December 31, 2019 (in million SR): + Cash 200 - accounts receivables 400 - inventory 300 - prepaid insurance 90 - equipment 700 - notes payable 150 - accounts payable 250 - Share capital? - retained earnings 150 - Purchases 700 - purchases returns and allowances 60 - sales 1550 - sales returns and allowances 50 - selling expenses 90 - salaries and wages expense 130 -rent expense 30-equipment accumulated depreciation 140. If you know: s 1- The cost of ending inventory is 250 while the market value (NRV) is 200. 6 2- The prepaid insurance is paid at Jan. 1, 2019 for 3 years. 73- There are 10 salaries payable at Dec. 31, 2019. 4- the allowance for doubtful accounts is 5% of accounts receivable 5- The equipment depreciation rate is 10% annually (straight line method). 10 6- The notes payable due at 2021. 12 Required: 13 1- prepare the worksheet. 14 2- Prepare the adjustments entries. 15 4. Prepare the income statement and balance sheet. 16 5- Prepare the closing entries