Explain how each of the following transactions will be classified and recorded in the debit and credit of the U.S.

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SKU: AT-0065 Categories: , Tags: , , ,

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QUESTION:

Explain how each of the following transactions will be classified and recorded in the debit and credit of the U.S. balance of payments:

(1) A Japanese insurance company purchases U.S. Treasury bonds and pays out of its bank account kept in New York City.

(2) A U.S. citizen consumes a meal at a restaurant in Paris and pays with her American Express card.

(3) A Indian immigrant living in Los Angeles sends a check drawn on his L.A. bank account as a gift to his parents living in Mumbai.

(4) A U.S. computer programmer is hired by a British company for consulting and gets paid from the U.S. bank account maintained by the British company.


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