The Connector refers to "transactions" as items to be processed, not necessarily items with money.  As a result, the number of transactions it lists in the log are most likely total number of "things to process" (donations, registrations, sign up requests, and profile updates), as opposed to donations or registrations only.

If you don't see transactions at first be sure to click the refresh link so the Connector can bring in the transactions from the most recent Sync.

If your Connector is missing transactions after a certain date range, please sync again.  Most often, the additional or "missing" transactions will go through the second time.  Additionally, we recommend checking previous batches to see if the gift is present.  If the gift still does not come over, or is not in one of the previous batches, then it may have been deleted.