ABC Inc. declared a cash dividend of Tk. 1 per share on its 2 million outstanding shares. The dividend was declared on August 1, payable on September 9 to all shareholders of record on August 15. Prepare all journal entries necessary on those three dates.
XYZ Ltd has an accounts receivable balance of Tk. 80,000 and allowances for doubtful account balance (debit) of Tk. 1,750. Give the journal entries for estimated bad debt that the allowance is to provide for doubtful accounts based on 4% of gross accounts receivable.