Question
Indicate how each of the following transactions is entered into the US balance of payments with double-entry bookkeeping: A U.S. firm exports $500 of goods
Indicate how each of the following transactions is entered into the US balance of payments with double-entry bookkeeping:
A U.S. firm exports $500 of goods to an Australian retired man who pays with his bank account savings from his Australian Bank
A U.S. economics major purchases a travel service for $200 to Italy and pays it with money from his U.S. bank account
The U.S. government gives $100 from a US bank to Cuba to favor greater economic growth
A U.S. resident purchases a foreign stock for $400 and pays for it by increasing bank balances in the United States
A foreign investor purchases $300 of U.S. treasury bills and pays by drawing down his bank balances in the United States by the same amount
--> Using this information, calculate the U.S. balance of payments
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started