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2. Explain how each of the following transactions will be classified and recorded in the debit and credit of the U.S. balance of payments: a.
2. Explain how each of the following transactions will be classified and recorded in the debit and credit of the U.S. balance of payments:
a. A Japanese insurance company purchases U.S. Treasury bonds and pays out of its bank account kept in New York City.
b. A U.S. citizen consumes a meal at a restaurant in Paris and pays with her American Express card.
c. An Indian immigrant living in Los Angeles sends a check drawn on his LA bank account as a gift to his parents living in Mumbai.
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