A Company's Board of Directors Votes to Declare a Cash

A company's board of directors votes to declare a cash dividend of $1.00 per share on its 12,000 common shares outstanding. The journal entry to record the declaration of the cash dividend is:

A) Debit Dividend Expense $12,000; credit Common Dividend Payable $12,000.
B) Debit Dividend Expense $12,000; credit Cash $12,000.
C) Debit Retained Earnings $12,000; credit Common Dividend Payable $12,000.
D) Debit Common Dividend Payable $12,000; credit Retained Earnings $12,000.
E) Debit Common Dividend Payable $12,000; credit Cash $12,000.