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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
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