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Charli retired after 2 0 years of working in the logistics industry. Charli decides it would be fun to become a dog groomer and open
Charli retired after years of working in the logistics industry. Charli decides it would be fun to become a dog groomer and open her own shop called "Chali's Grooming." She will run the business out of her home for the first couple of months while she identifies a new location for her store.
Since her prior career included years of logistics she is also going to operate a consulting practice where she will help others create a grooming practice. She will charge a flat fee or a per hour charge. Her consulting practice will be recognized as service revenue and will provide additional revenue while she develops her grooming practice.
She obtains a groomer's license after the required training and is ready to open her shop on August The following are the transactions from the first month of business:
Date
Transaction
Aug.
Aug.
Aug.
Aug.
Aug.
Charli issues shares of common stock in exchange for $ cash.
Charli purchases grooming equipment for $;$ was paid immediately with cash, and the remaining $ was billed to Charli with payment due in days. She decided to buy used equipment because she was not sure if she truly wanted to run a grooming business, She assumed that she will replace the used equipment with new equipment within a couple of years.
Charli purchases supplies for $ cash.
Charli provides $ in services to a customer who asks to be billed for the services.
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