Final answer:
The question is about using T-accounts to calculate the current account balance, which entails summing Exports, Imports, and Balance from the T-account.
Step-by-step explanation:
The student's question is about completing various T-accounts and understanding how to calculate the current account balance. A T-account is a visual representation used in accounting to depict the debit and credit sides of a ledger for individual business transactions. To calculate the current account balance, one would sum up the columns for Exports, Imports, and Balance within the T-account. This balance represents the difference between the exports and imports of goods, services, and income payments, which is crucial in determining a country's economic status in relation to international trade.
Steps for Calculating Current Account Balance
- Record all relevant transactions in the T-account, including Exports and Imports.
- Calculate the balance for each entry by subtracting Imports from Exports.
- Sum up the columns to find the first number under Balance, which is the current account balance.