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 October 1?

0 Credit Account Titles Dividends Dividends Payable Debit 170,000 70,000 0 Credit Account Titles Dividends Payable | Dividends Debit 70,000 70,000 Account Titles Dividends Debit Credit 70,000 170,000 Cash Credit Account Titles Cash Dividends Payable / Debit 70,000 70,000