Prepare journal entries to record the following transactions for Emerson Corporation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

July 15	Declared a cash dividend payable to common stockholders of $250,000.
August 15	Date of record is August 15 for the cash dividend declared on July 15.
August 31	Paid the dividend declared on July 15.

Explain your answer.