Could someone please help me out? I need to record a transaction for receiving $70,000 for the sale of 50,000 shares of $1 par value common stock. Would I record this as a debit to cash for the 70,000, then a credit to common stock for 50,000 and a 20,000 credit to premium on common stock?

thank you for any help you can offer!

It need not be a case. As in the question it is mentioned that shares are issued at Par value. Here it is a case of oversubscription by the public.

Hence 2 ways of recording the transaction are possible. Either return back the excess money or shares can be alloted on a proportionate basis.

In 1st case the entry will be like A) Cash a/c Dr $70,000
To share application a/c $70,000

B) Share application a/c Dr $70,000
To share capital a/c $50,000
To Cash a/c $20,000

In the 2nd case the entry will be A) Cash a/c Dr $70,000
To share application a/c $70,000

B (I) Share application a/c Dr $70,000
To share capital a/c $50,000
To share allotment a/c $20,000

OR

B (ii) Share application a/c Dr $70,000
To share capital a/c $50,000
To share allotment a/c $10,000 ( let say)
To Cash a/c $10,000

You are absolutely correct.
Dr Cash $70,000
Cr Common Stock $1 par value $50,000
Cr Additional Paid in Capital (APIC) $20,000