Which of the following events results in an exchange transaction for OBrien Company (Y for Yes and

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Which of the following events results in an exchange transaction for O’Brien Company (Y for Yes and N for No)?

_____ (1) O’Brien purchased a machine and signed a note payable, payable in six months.

_____ (2) Six investors in O’Brien Company sold their shares to another investor.

_____ (3) The Company lent $ 150,000 to a member of the board of directors.

_____ (4) O’Brien Company ordered supplies from Office Max to be delivered next week.

_____ (5) The founding owner, Meaghan O’Brien, purchased additional shares in another company.

_____ (6) The company borrowed $ 1,000,000 from a local bank.

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Financial Accounting

ISBN: 978-1259103285

5th Canadian edition

Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M

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