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 November 1?

Multiple Cholce Account Titles Debit Credit 70,000 Dividends Dividends Payable 70,000 Credit Account Titles Debit Dividends Payable 70,000 70,000 Dividends Account Titles Debit Credit 70,000 Dividends 70,000 Cash A Journal entry Is not required on the day of record