Which of the following is the definition of balance of payments?

Balance of payments is an accounting system that measures all economic transactions between residents of one country and residents of all other countries.

Balance of payments is an accounting system that measures all merchandise trade between residents of one country and residents of all other countries.

Balance of payments is an accounting system that measures all economic transactions between citizens of one country and residents of all other countries.

Balance of payments is an accounting system that measures all current account transactions between residents of one country and residents of all other countries.

Balance of payments is an accounting system that measures all economic transactions between residents of one country and residents of Europe.