Journalize the payment of dividends on May 20 for $12,000. If an amount box does not require an entry, leave it blank. Feedback Check My Work First, identify what account is used and then what type of account is used. Every account is either an asset, liability, stockholders' equity, dividends, revenue, or expense account. Then determine whether the account increases or decreases. Each increase or decrease is recorded as a debit or credit following the rules of debit and credit (Refer to Exhibit 3 in the text). Remember total debits should equal total credits in your entry