The company that I created is called Hitched, a wedding planning sole proprietorship. I am having trouble coming up with the fictional accounts I would need. Parts 1, 2, and 3 I need help with.

** For part 3: A product I could sell is a standardized wedding package at $18,000 USD. The three inventory methods in the competency are FIFO, LIFO, and Weighted Average.

Part 1: Current Liabilities and Prepaid Accounts In the company that you created in the Fundamentals of Accounting competency, think of the Chart of Accounts that you will need to develop and use for financial statements. Name at least three current liabilities and three prepaid account that might be part of your Chart of Accounts. Define and describe each one and how they might be used in your developing company. Part 2: Accounts Receivable In the next part of the Final Assessment, define the account titled, 'Allowance for Doubtful Accounts', include why and how it is used. In terms of the company that you will be developing, what percentage will you use initially to estimate bad debts expense? For this exercise and section only, assume the Accounts Receivable balance is $110,000 at the end of the first year and there is an existing $915 balance in the Allowance for Doubtful Accounts at the end of the first year. Using the percentage that you estimated, what would be the estimated bad debts expense at the end of the first year and what would the journal entry be? Show calculations as necessary. Part 3: Inventory Valuation Finally, in the company, determine which inventory method would be most appropriate. List the three inventory methods used in the competency and compare and contract their applicability to your product. If your company is a service company, create a product that you might sell (just to use in this portion of this Final Assessment). Using the following information, calculate Cost of Goods Sold and Ending Inventory using these numbers using the three inventory methods. In other words, for each inventory method, calculate Cost of Goods Sold and Ending Inventory using the following information: - On March 20, the company purchased 10 units at $842 per unit. - On April 1, the company purchased 10 units at $910 per unit. - On April 3, the company purchased 25 units at $1,060 per unit. - On April 17, the company purchased 30 units at \$1,150 per unit. - On April 28, the company purchased 30 units at $1,190 per unit. - On March 25, the company sold 10 units at \$954 each. - On April 14, the company sold 30 units at \$1,300 per unit. - On April 31, the company sold 53 units at $1,500 per unit