The common misconception is that removing or drawing out all the moisture in your device is akin to repair. It's not. It's not the liquid that most commonly causes irreversible and serious damage to your device.
In fact, it's the deposits and corrosion that the liquid leaves behind which leads to the most serious and often irreversible damage. The evidence of the damage may not surface for a few weeks when it begins to act "flaky."
Remove the battery. Batteries contain acid. Water helps the acid escape from the battery, and acid in your phone is bad. Put a stop to that immediately.
Dry it as well as you can. This is where the rice trick has some value, because it helps draw moisture from the phone. Think of it as first aid, not the cure. You’re doing what you can to minimize the damage that will take place before the real repair begins.
Leave it powered off. Do not reinsert the battery. Get a Free Water Damage Assessment. A proper water/liquid damage repair addresses the damage caused by the moisture. It includes disassembly of the phone exposing all switches and electrical contacts, ultrasonic cleaning in a 100% alcohol bath, removal of all deposits and/or corrosion left behind by the moisture and finally re-seal or lacquering of the system board.