This Question: 3 pts 19 of 28 (0 complete) 8. On July 1, Gibson Corporation declared a $2.00 per share cash dividend on its common stock (22,000 shares) for stockholders on record as of July 15. Gibson paid the dividend on July 31. Journalize the entries declaring the cash dividend and paying the dividend. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the entry declaring the cash dividend. Date Accounts and Explanation Debit Credit Jul. 1 Journalize the entry paying the dividend Date Accounts and Explanation Debit Credit Jul. 31 8. On July 1, Gibson Corporation declared a $2.00 per share cash dividend on its com Journalize the entry declaring the cash dividend. Date Accounts and Explanation Jul. 1 De Cash Cash Dividends Common Stock-$2.00 Par Value Dividends Payable-Common Journalize th Paid-In Capital in Excess of ParCommon Retained Earnings Date ACCOUnits and explanauon Jul 31 Journalize th Date DE Declared a cash dividend. Issued common stock for cash. Payment of cash dividend. Record date of record. Jul. 31