A corporation declared a cash dividend of $1.20 per share on 40,000 shares of common stock on April 15. The dividend is to be paid one month later on May 15 to stockholders of record on April 30. The correct entry to be recorded on the date of record of April 30 is: Debit the Dividends account and credit the Dividends Payable account. Debit the Dividends Payable account and credit the Dividends account. Debit the Dividends account and credit the Cash account. No journal entry is recorded. Debit the Dividends Payable account and a credit the Cash account