Assume that you are the bookkeeper of all nation (in U.S.A), and you need to enter the following transactions to the books properly. Show and write how each of the following transactions affect the U.S. balance of payments.

1.Include a description of the debit and credit items, and in each case identify which specific account is affected (e.g., imports of goods and services, IM; exports of assets, EXA; and so on.-Recall the citizen George example we did in class, yet don't write it like only FA and CA-include sub-accounts).

2.Explain which accounts work in the Balance of Payments, if they increase/decrease, and explain intuitively why you choose that specifically those accounts.

3.Intuition should be included!

Part a. (7 points) A medical Institute in S.Korea sends medical aid which is worth $3 million to United States due to COVID-19 crisis.

Part b. (7 points) A New York art gallery purchases a $1500 worth painting from a museum in Paris-France, paying the funds from a bank account in Paris.

Assume that you are the bookkeeper of all nation (in U.S.A), and you need to enter the follow ing transactions to the books properly. Show and write how each of the following transactions affect the U.S. balance of payments. 1.1nclude a description of the debit and credit items, and in each case identify which spe cic account is affected (e.g., imports of goods and services, 1M; exports of assets, EXA; and so on.Recall the citizen George example we did in class, yet don't write it like only FA and CAinclude subaccounts). 2.Exp1ain which accounts work in the Balance of Payments, if they increase/decrease, and explain intuitively why you choose that specically those accounts. 3.1ntuiti0n should be included! Part a. (7 points) A medical Institute in S.Korea sends medical aid which is worth $3 million to United States due to COVID19 crisis. Part b. (7 points) A New York art gallery purchases a $1500 worth painting from a museum in ParisFrance, paying the funds from a bank account in Paris. Part c. (7 points) A U.S. tourist visiting IstanbulTurkey sells his MacBook to a local resident for worth $3500