Suppose that the board of directors of Old Navy declared a cash dividend of $$1\mathrm{.}50$ per share on $37000$ shares of common stock on July $15,2025.$ The dividend is to be paid on August $15,2025$ to stockholders of record on July $31,2025.$ The journal entry to record the declaration of the dividends on July $15,2025$ will include a

credit to Cash.

debit to Cash Dividends.

credit to Cash Dividends.

debit to Dividends Payable.