The double-entry accounting system implies that: O Each transaction is recorded with the same amount being posted on debit and credi 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 O None of the above 1 The journal entry to record a payment on account will include: O A debit to cash O 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: Debit $56,000 to Dividends, Credit $56,000 to Cash Debit $56,000 to Dividends, Credit $56,000 to Dividends Payable