Which of the following statements about dividend transactions is (are) correct? Select only correct statements, incorrect statements are penalized" A journal entry CREDITING retained earnings is recorded on the date of payment. A journal entry DEBITING retained earnings is recorded on the date of of payment A journal entry DEBITING dividends payable is recorded on the date of payment. Shareholder owning the stock on the date of record receive the dividend A journal entry CREDITING retained earnings is recorded on the date of record