Brief Exercise 11-5 Your answer is partially correct. Try again. Sheffield Corp. has 8,600 shares of common stock outstanding. It declares a $1 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 1. Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend. (Credit account titles are automatically indented when amount is entered. Do not indent manually, Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Nov. 1 8600 Dividends Payable 8600 Dec. 31 Dividends Payable 8600 Cash 8600