Question: we have a transaction with dividends being declared and paid on the same day as follows: on May 29, the company voted to issue and

we have a transaction with dividends being declared and paid on the same day as follows: on May 29, the company voted to issue and pay dividends today, in the amount of $7000. On May 31, the company closes the dividends account to retained earnings. This is not the usual process. Explain the three major dates associated with dividends and the journal entries that would be created on those dates

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