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.) > Answer is complete but not entirely correct. No 1 Date May 20 Cash Retained Earnings 2 June 14 Cash Retained Earnings General Journal Debit Credit 250,000 250,000 250,000 250,000 3 July 14 Cash 250,000 Dividends Payable 250,000 4 July 31 Retained Earnings 250,000 Cash 250,000