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24 July Paid motor vehicle expenses $105.0011 July Paid accounts payable $1,349.0012 July Paid accounts payable $1,361.0009 July Paid accounts payable $1,087.003. Additional information:Selling Price per unit (GST inclusive) $55.00Insurance paid from the first of the current month and for: 7months in total. Insurance commencesfrom the first of the month in which it is paid.All asset purchases and expenses except wages include GSTCost of opening inventory items per unit $20.00Depreciation rate motor vehicle 20%Residual value motor vehicle: $2,892.00Depreciation rate office furniture 20%Residual value office furniture: $556.00Regardless of purchase date, company policy is to depreciate new assets for 15 days in the monthof purchase. Depreciation rate computer 35%No residual value is expected for computers.The company counted inventory at the end of the month. They discovered that 5units were missingand these must be removed from inventory.Office supplies on hand at end of the month were $256.00At the end of the month the company records potential bad debts expense using the percentage ofsales method. The business uses 1% of sales to determine estimated bad debts.Interest owing on the bank loan at the end of the month is $60.00