Please help me with this question. Thank you 1. Show (using the credit/debit tables) how each of the following would affect the USBalance Of Payment. Your records should include a description of the transaction beingrecorded, which specific account is affected, and the accompanying credit/debit entry. a. You import a fax machine from the Italian company Olivetti and pay for yourpurchase with a $100 check. Olivetti deposits your check in a US bank. b. You buy lunch in France that cost $50 and pay by Visa card. French restaurantreceives payment from your credit card company. c. You buy a newly issued share of the U.K. oil giant British Petroleum (BP). Youplace the order with your stockbroker paying $100 from your stockbroker account.British Petroleum deposits the money in a US bank. d. US banks forgive a $50 M debt owed by the government of Argentina throughdebt restructuring. US banks who hold the debt thereby reduce the debt by creditingArgentina's bank accounts. e. A U.S.-owned factory in Britain uses local earnings to buy additional machinery.
Please help me with this question. Thank you
1. Show (using the credit/debit tables) how each of the following would affect the US
Balance Of Payment. Your records should include a description of the transaction being
recorded, which specific account is affected, and the accompanying credit/debit entry.
a. You import a fax machine from the Italian company Olivetti and pay for your
purchase with a $100 check. Olivetti deposits your check in a US bank.
b. You buy lunch in France that cost $50 and pay by Visa card. French restaurant
receives payment from your credit card company.
c. You buy a newly issued share of the U.K. oil giant British Petroleum (BP). You
place the order with your stockbroker paying $100 from your stockbroker account.
British Petroleum deposits the money in a US bank.
d. US banks forgive a $50 M debt owed by the government of Argentina through
debt restructuring. US banks who hold the debt thereby reduce the debt by crediting
Argentina's bank accounts.
e. A U.S.-owned factory in Britain uses local earnings to buy additional machinery.
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