The board of directors of Vaughn Manufacturing declared a cash dividend of $1.10 per share on 34000 shares of common stock on July 15, 2020. The dividend is to be paid on August 15, 2020, to stockholders of record on July 31, 2020. The correct entry to be recorded on August 15, 2020, will include a

credit to Dividends Payable.

credit to Cash Dividends.

debit to Dividends Payable.

debit to Cash Dividends.