The accountant for Boatsman Products, Inc., received the following information: a. Boatsman sent its customers a new

Question:

The accountant for Boatsman Products, Inc., received the following information:
a. Boatsman sent its customers a new price list. Prices were increased an average of 3 percent on all items.
b. Boatsman accepted an offer of $150,000 for land that it had purchased two years ago for $130,000. Cash and the deed for the property are to be exchanged in five days.
c. Boatsman accepted $150,000 cash and gave the purchaser the deed for the property described in item b.
d. Boatsman’s president purchased 600 shares of the firm’s from another stockholder. The president paid $15 per share. The former shareholder had purchased the stock from Boatsman for $4 per share.
e. Boatsman leases its delivery trucks from a local The also performs maintenance on the trucks for Boatsman. Boatsman received a $1,254 bill for maintenance from the whether or not each item qualifies as a transaction and should be recorded in the accounting system. Explain your reasoning.

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