In November 25,2020, Dee Company declared cash dividends of P45,000 to preference shares and P60,000 to ordinary shares payable on January 15, 2021 to all outstanding shares of record as of December 31, 2020. What should be the journal entry on November 25, 2020?

In November 25,2020, Dee Company declared cash dividends of P45,000 to preference shares and P60,000 to ordinary shares payable on January 15, 2021 to all outstanding shares of record as of December 31, 2020. What should be the journal entry on November 25, 2020? Debit Retained Earnings P105,000; Credit Cash Dividends Payable P105,000 Debit Retained Earnings P105,000; Credit Cash P105,000 Debit Cash Dividends Payable P105,000; Credit Cash P105,000 No entry at the date of declaration