Problem 3. The following transactions were carried out during the month of August by Keller \& Co., a firm of real estate brokers. a. Finished arranging a sale of a building owned by a client. The commission for making the sale was $35,000, but this amount will not be received until September 20. b. Paid an attorney $4,000 for legal services received in July. c. Collected cash of $6,000 from an account receivable. The receivable originated in July from services rendered to a client. d. Purchased a copying machine for $20,000 cash. e. Earned $100 interest on a company bank account during the month of August. No withdrawals were made from this account in August. Required: 1. For each of the transactions, you are to state whether the transaction represented revenue, expense or neither to the firm during the month of August. Give reasons for your decision in each case. 2. What is a business transaction? Define it. Answer: 1