Which of the following is the appropriate general journal entry to record the declaration of cash dividends for $50,000?
1) Debit Cash Dividends Payable $50,000, Credit Cash $50,000
2) Debit Cash Dividends Payable $50,000, Credit Dividends Payable $50,000
3) Debit Dividends Payable $50,000, Credit Cash $50,000
4) Debit Dividends Payable $50,000, Credit Cash Dividends Payable $50,000
