Accounting

Issuance of No-Par Common Stock Browne & Company issued 200,000 shares of $1 par value common stock at a price of $5 per share and issued 10,000 shares of no-par value common stock at a price of $10 per share. Prepare the journal entry to record the issuance of the no-par value common stock. General Journal Description Debit Credit 0 0 How does this entry differ from the entry to record the $1 par value common stock? The entry to record the issuance of the $1 par value common stock would require the use of an Additional Paid-In Capital in Excess of Par Value account, whereas, it is not required for recording the issuance of the no-par value common stock. The entries to record the issuance of both the no-par value common stock and the $1 par value common stock would require the use of an Additional Paid-in Capital in Excess of Par Value account. The entries to record the issuance of both the no-par value common stock and the $1 par value common stock would not require the use of an Additional Paid-in Capital in Excess of Par Value account. The entry to record the issuance of the no-par value common stock would require the use of an Additional Paid-In Capital in Excess of Par Value account, whereas, it is not required for recording the issuance of the $1 par value common stock. 11:3