When no-par common stock with a stated value is issued for cash, the common stock account is credited for an amount equal to the cash proceeds.

No-Par Common Stock

Shares issued without a par value, meaning their value is determined by the market rather than a set face value.

Stated Value

The nominal value assigned by the company to its no-par stock, which becomes the legal capital per share.

Credited

A journal entry that boosts a liability or equity account or reduces an asset or expense account.