GBM 381 Individual Assignment Week 3 310796

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Chapter 10

  1. Indicate how each of the following international transactions is entered into the U.S. balance of payments with double-entry bookkeeping:

(a) A U.S. resident imports 500 worth of merchandise from a U.K. resident and agrees to pay in three months.

Debit: U.S. Imports (Services and goods) 500 Credit: Account Payable 500

(b) After the three months, the U.S. resident pays for his imports by drawing down his bank balances in London.

Debit: Account Payable 500 Credit: Capital Outflow 500

(c) What is the net effect of transactions (a) and (b) on the U.S. balance of payments? If they occur during the same year?

The overall result is one capital outflow of 500. There'll be a shortfall of 500 on the Balance on the Current Account

  1. Indicate...

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