D-Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes D-Mobile to issue 50,000 shares of 8%, $50 par value cumulative preferred stock and 160,000 shares of $4 par value common stock. During the first month, D-Mobile completed the following transactions (Click the icon to view the transactions.) Read the requirements Issued preferred stock for cash Oct. 9. Issued 11,000 shares of common stock for cash of $55,000. Date Oct 9 Accounts and Explanation Debit Credit