On May $20,$ the board of directors for

Auction.com declared a cash dividend of $50$ cents per share payable to stockholders of record on June $14.$ The dividends are paid on July $14.$ The company has $500,000$ shares of stock outstanding. Closing entries are recorded on July $31.$ Prepare any necessary journal entries for each date. $($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

Journal entry worksheet

$1$

$2$

$3$

Record the entry to close the dividend account to retained earnings.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$July $31,,,],[,,,],[,,,],[,,,],[,,,]]$