$68.$ On January $31,2017,$ Bill's Fruit Distributors, Inc. paid a cash dividend that had been declared on December $1,2016,$ to stockholders of record on January $1,2017.$ The journal entry to record the payment of dividends would be:

$$credit to cash and a debit to dividends payable.

$$credit to dividends and a debit to retained earnings.

$$debit to cash and a credit to dividends.

$$debit to dividends and a credit to dividends payable.