Pretend that you are an accountant and these following entries are needed to be put in the books. Describe and show how each transaction affects the U.S balance of payment.

1. Put a description of the debit and credit items, and identify which specific account is affected for example - imports of goods and services, IM; exports of assets, EXA; and so on.

2. Show which accounts work in the Balance of Payments, if they increase or decrease, and explain why you choose that specifically for those accounts.

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

Part b. 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.

Part c. A U.S. tourist visiting Istanbul-Turkey sells his MacBook to a local resident for worth $3500.