On October 1, Allison Corporation declared a $70,000 cash dividend to be paid on December 15 to shareholders of record on November 1. Which of the following shows the journal entry necessary on December 15?

0 Account Titles Dividends Dividends Payable Debit Credit 70,0001 70,000 0 Credit Account Titles Dividends Payable Dividends Debit 70,000 70,000 0 Credit Account Titles Dividends Payable Cash Debit 70,000 70,000 0 Credit Account Titles Cash Dividends Payable Debit 70,000 70,000