JPA/Hibernate: Detached Entity Passed To Persist

What is a detached entity passed to persist? What is that detached entity the message talks about?   I hav a JPA-persisted object model that contains a many-to-one relationship: an Account has many Transactions. A Transaction has one Account.

Here's a snippet of the code:

@Entity
public class Transaction {
    @Id
    @GeneratedValue(strategy = GenerationType.AUTO)
    private Long id;
    @ManyToOne(cascade = {CascadeType.ALL},fetch= FetchType.EAGER)
    private Account fromAccount;
....
@Entity
public class Account {
    @Id
    @GeneratedValue(strategy = GenerationType.AUTO)
    private Long id;
    @OneToMany(cascade = {CascadeType.ALL},fetch= FetchType.EAGER, mappedBy = "fromAccount")
    private Set transactions;
I am able to create an Account object, add transactions to it, and persist the Account object correctly. But, when I create a transaction, using an existing already persisted Account, and persisting the Transaction, I get an exception:

Caused by: org.hibernate.PersistentObjectException: detached entity passed to persist: com.paulsanwald.Account at org.hibernate.event.internal.DefaultPersistEventListener.onPersist(DefaultPersistEventListener.java:141)

So, I am able to persist an Account that contains transactions, but not a Transaction that has an Account. I thought this was because the Account might not be attached, but this code still gives me the same exception:

if (account.getId()!=null) {
    account = entityManager.merge(account);
}
Transaction transaction = new Transaction(account,"other stuff");
 // the below fails with a "detached entity" message. why?
entityManager.persist(transaction);

How can I correctly save a Transaction, associated with an already persisted Account object?