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Safari File Edit ViewHistory Bookmarks wirdow Help - File Edit View 4, Award: 5.40 out of 10.00 points M11-8 Recording Dividends [LO 11-3] On May 20, the board of directors for Auction.com declared a cash dividend of 50 cents per share payable to stockholders of record on June 14. The dividends are paid on July 14. The company has 517,000 shares of stock outstanding. Closing entries are recorded on July 31. Prepare any nocessary journal entrios for each date. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Debit Credit May 20 251,500 Dividends Payable No Journal Entry Required Dividends Payable 251,500 June 14 July 14 251,500 Cash 251 5000 July 31 Retained Earnings 251,500 251,500 Book&Resources eBook,Explainand analyze. cash dividends. General Journal Difficulty: 1 Easy