(International Finance)

Problem 3 (20 points)

Set up the double-entry accounts showing the appropriate debits and credits associated with the following transactions:

a. ConAgra, a U.S. agribusiness, exports $80 million of soybeans to China and receives payment in the form of a check drawn on a U.S. bank.

b. The U.S. government provides refugee assistance to Somalia in the form of corn valued at $1 million