Question
Using double-entry book keeping (Credits and debits), record the following transactions: 1) Brazilian soccer fans spend $6 million as tourists in the U.S. during the
Using double-entry book keeping (Credits and debits), record the following transactions:
1) Brazilian soccer fans spend $6 million as tourists in the U.S. during the soccer tournament and they pay for their tickets, hotel, meals, and transportation by using the deposits that they have at Bank of America
2) the U.S. Treasury pays $25 million in interest on its past borrowing from Credit Suisse, paying in checks on Bank of America.
3) The U.S. FED becomes concerned that the exchange rate value of the dollar may appreciate against the Japanese Yen. It decides to purchase yen-dominated bank deposits from a major Tokyo bank and pay by transferring $15 million from its Bank of America to the Tokyo bank.
4) USAID gives Egypt, $8 million if foreign aid in the form of wheat from the U.S. stockpiles.
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