On November $12,$ XYZ Corporation declared a total cash dividend of $$45,000$ for stockholders of record on November $20$ and payable on December $1.$

Journalize the entries required on November $12,$ November $20,$ and December $1.$

If no entry is required, select $"$No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.

November $12$

November $20$

No Entry Required

December $1$

Cash Dividends Payable

Briefly describe the significance of November $20.$

It represents the date

$?$

the stock must be owned in order to receive this dividend

the company must have the cash available in order to satisfy the dividend obligation