Practice problem 2 Jones Corp. has 200,000 shares of stock authorized, 120,000 shares issued, and 100,000 shares outstanding. On August 1, 2006, Jones' Board of Directors declared a cash dividend of $0.50 per share on the date of record of September 1, 2006. The dividend will be paid on October 1, 2006 Required: Record the journal entry to declare the dividend Account title and explanations Debit Credit Record the journal entry on the date of record. Account title and explanations Debit Credit Record the journal entry to pay the dividend. Account title and explanations Debit Credit