When no-par common stock without a stated value is issued for cash,the Common Stock account is credited for an amount equal to the cash proceeds.

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When no-par common stock without a stated value is issued for cash, the Common Stock account is credited for an amount equal to the cash proceeds received from the sale of the stock. This is because there is no stated value or par value assigned to the stock, so the issuing company does not need to credit the common stock account for any specific amount per share. Instead, the amount credited to the account simply reflects the cash received from the sale of the stock.

When No-Par Common Stock Without a Stated Value Is Issued