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On November 20 the company declared cash dividends of $15,000. The dividends were paid on December...

On November 20 the company declared cash dividends of $15,000. The dividends were paid on December 21. Make the journal entries necessary to record both events. Which ONE of the following should be included in the journal entry necessary to record the PAYMENT of the dividends on December 21?

DEBIT Cash for $15,000

DEBIT Operating Expenses for $15,000

DEBIT Common Stock at Par for $15,000

DEBIT Paid-in Capital in Excess of Par for $15,000

DEBIT Dividends Payable for $15,000
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