The company voted to issue and pay dividends today, in the amount of $7.000. the following below is my T-account and journal entry to the latter statement. Is it correct?

Dividends		Retained Earnings
		29-May	7000				Beg Bal	98,334
29-May	7000
					29-May	7000
	7,000		7000			7000		98334
Balance:	0						Balance:	91334

29-May	Retained Earnings			7000
		Dividends			7,000
		cash dividends declared May 29
29-May	Dividends			7,000
		Cash				7,000
		cash dividends paid May 29