On November 1, 2014, Oster Company Declared a Dividend of $3.00

On November 1, 2014, Oster Company declared a dividend of $3.00 per share. Oster Company has 20,000 shares of common stock outstanding and no preferred stock. The date of record is November 15, and the payment date is November 30, 2014.
- Which of the following is the journal entry needed on November 30?

A) Debit Retained earnings $60,000 and credit Dividends payable $60,000.
B) Debit Dividends payable $60,000 and credit Cash $60,000.
C) Debit Cash $60,000 and credit Dividends payable $60,000.
D) Debit Retained earnings $60,000 and credit Cash $60,000.