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

$518,000$ 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

Record the entry on the date of declaration for a cash dividend of $50$ cents per

share payable on the $518,000$ shares of stock outstanding.

Note: Enter debits before credits.