Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

There are THREE parts to this discussion assignment: 1.) Create a mnemonic that will help you remember what accounts are increased with debits (Assets, Drawings,

There are THREE parts to this discussion assignment: 1.) Create a mnemonic that will help you remember what accounts are increased with debits (Assets, Drawings, Expenses, Dividends) and what accounts are increased with credits (Revenues, Investments-Capital, Liabilities). Share your mnemonic ...(Be creative...the funnier the better because it may help YOU remember!!) (Use the first letter of each type of account and your mnemonics should start with those same letters.. For example credits of: R, I, C, L .. could be "I Can Lick Rats" are increased with credits.. Here is another one: DEAD LIC'R (Don't drink and drive--EVER!!) Debit the following accounts to increase them (Drawings, Expenses, Assets, Dividends) Credit the following accounts to increase them (Liabilities, Investments-Capital), Revenues. 2.) Write a transaction that another person in the class would have to record the answer to in their response. For example-you would post: Purchased $50,000 of dragon-hunting supplies by paying $100 immediately and putting the balance "on account". 3.) Create one initial post (mnemonic and your transaction (10pts) and then reply to two classmates' transactions with the answer to their transaction (10pts). For example, the above answer would be: debit Supplies $50,000 and credit Cash $100 and credit Accounts Payable $49,900

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Theory And Practice

Authors: Jerry R. Strawser, Robert H. Strawser, Roger H. Hermanson

9th Edition

0873939336, 9780873939331

More Books

Students also viewed these Accounting questions