Question: Which option is correct? On May 15 , the board of directors declared a cash dividend of $50,000. The date of record is June 1

Which option is correct?

On May 15 , the board of directors declared a cash dividend of $50,000. The date of record is June 1 and the payment date is June 20. The joumal entry on June 1 would be: A. no entry needed. B. Debit Retained Earnings; credit Dividends Payable. C. Debit Cash; credit Dividends Payable. D. Debit Dividends Payable; credit Cash

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