Shearing of two-dimensional wet foam is simulated using an introduced numerical model, and results are compared to those of experiments. This model features realistically deformable bubbles, which distinguishes it from previously used models for wet foam. The internal bubble dynamics and their contact interactions are also separated in the model, making it possible to investigate the effects of the related microscale properties of the model on the macroscale phenomena. Validity of model assumptions was proved here by agreement between the simulated and measured Herschel-Bulkley rheology, and shear-induced relaxation times. This model also suggests a relationship between the shear stress and normal stress as well as between the average degree of bubble deformation and applied shear stress. It can also be used to analyze suspensions of bubbles and solid particles, an extension not considered in this work.