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 506,000 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.) No. Date 1 May 20 Dividends 2 June 14 3 July 14 Dividends Payable No Journal Entry Required Dividends Payable Cash 4 July 31 Retained Earnings Dividends Answer is not complete. General Journali Debit Credit