Current Attempt in Progress The board of directors of Pharoah Company declared a cash dividend of $2.20 per share on 45500 shares of common stock on July 15, 2020. The dividend is to be paid on August 15, 2020, to stockholders of record on July 31, 2020. The correct entry to be recorded on July 15, 2020, will include a O debit to Dividends Payable. Odebit to Cash Dividends. Ocredit to Cash. Ocredit to Cash Dividends.