A company issued 100 shares of common stock with a par value of $3 for $7 per share. The journal entry to record this transaction is Debit Credit Cash $300 Paid-In Capital in Excess of Par - Common $300 Debit Credit Cash $700 Common Stock - $3 par value $300 Paid-In Capital in Excess of Par - Common $400 Debit Credit Cash $700 Common Stock - $3 par value $700 Debit Credit Common Stock - $3 par value $700 Cash $300 Paid-In Capital in Excess of Par - Common $400