The double-entry accounting system implies that: Each transaction is recorded with the same amount being posted on debit and credit sides Each item is recorded twice: in the journal entry and the general ledger account The dual effect of each transaction is recorded in the journal and the financial statements None of the above The journal entry to record a payment on account will include: O A debit to cash A debit to accounts receivable O A credit to accounts payable O None of the above On June 20, 2021, X Corporation declared a $56,000 cash dividends payable on July 20,2021. On July 20, 2021. X Corporation recorded the following in the accounting books: O Debit $56,000 to Dividends, Credit $56,000 to Cash O Debit $56,000 to Dividends, Credit $56,000 to Dividends Payable