The accountant for Boatsman Products Inc. received the following information:

a) Boatsmen sent its customers a new price list. Prices were increased an average of 3% on all items.

b) Boatsmen accepted an offer of $150,000 for land that it had purchased 2 years ago for $130,000. Cash and the deed for the property are to be exchanged in 5 days.

c) Boatsmen accepted $150,000 cash and gave the purchaser the deed for the property described in item b.

d) Boatsmen's president purchased 600 shares of the firm's common stock from another stockholder. The president paid $15 per share. The former stockholder had purchased the stock from Boatsmen for $4 per share.

e) Boatsmen leases its delivery trucks from a local dealer. The dealer also performs maintenance on the trucks for Boatsmen. Boatsmen received a $1,254 bill for maintenance from the dealer.

1. Indicated whether or not each item qualifies as a transaction and should be recorded in the accounting system. Explain.

2. What accounting concept is illustrated by item d?