If stock is issued at a price above par value, the transaction that would be recorded is to a. debit Common Stock or Preferred Stock, debit Paid-In Capital in Excess of Par, and credit Cash. Ob. debit Cash, debit Common Stock or Preferred Stock, and credit Paid-In Capital in Excess of Par c. debit Paid-In Capital in Excess of Par, credit Common Stock or Preferred Stock, and credit Cash. Od. debit Cash, credit Common Stock or Preferred Stock, and credit Paid-In Capital in Excess of Par.