question # 2: (5marks: 1 mark for each closing entry, 2 marks for the secou closing entry) At December 31, the account balances after adjustments for Wabel Company are as follows: Bank Account Credit Debit S 50 000 2250 3000 1 500 27 000 Prepaid Insurance Account Receivable Supplies Equipment Accumulated Dep. - Equipment Account Payable Notes Payable Uneared Revenue Capital Drawings Sales Revenue Interest Expense Dep. Expense Wages Expense Utilities Expenses $ 5500 2000 12500 5500 44 450 1000 225 00 400 1500 5 000 300 5 92 450 S 92 450 Instructions: Prepare closing entries for Wabel Coco Dec. 31 Question # 3: (5 Marks: 1 mark for each transaction) On May 1, Abu Dhabi company had an inventory of 10 computer at a cost of $ 200 each. The company uses a periodic inventory system. During May, the following transactions happened May 9 Purchased 20 computers 200 Scach from XYZ company, terms 2/10./30. May 11 Received credit of 600 S for the return of 3 computers purchased on May 9 that were defective. May 13 Sold 4 computers for $ 210 cach to Emirates College of Technology. terms 2/10.30 May 16 Sold 5 computers for $ 225 each Snow Supply, terms 2/10, 1/30 May 17 Paid XYZ Company. Instructions: Journalize the May transactions for Abu Dhabi company. estion # 4: (5 Marks: 2.5 mark for each method) licy Foods Co uses a periodic inventory system, its inventory units and costs for the month December 2018 was as follows: Juicy Foods Co Date Explanation Units Units Cost Total Cost Jan.1 Beginning inventory S 35 FEB 3 Purchase $ 37 June 16 Purchase $ 40 Sep Purchase $ 45 Total goods available During the year, 50 units were sold Instructions: Compute the cost of ending inventory and the cost of goods sold using: 1- The First In First Out (FIFO) method. 2- The Last In First Out (LIFO) method. (2.5 marks) (2.5 marks)