Requirement 1. Journalize Hyatt HotelsHyatt Hotels ?Corporation\'s closing entri
ID: 2412152 • Letter: R
Question
Requirement 1. Journalize
Hyatt HotelsHyatt Hotels
?Corporation's closing entries at December? 31,
20152015.
?(Enter amounts in millions as provided in the information. Record debits? first, then credits. Select the explanation on the last line of the journal entry? table.)
Start by closing revenues.
Date
Accounts and Explanation
Debit
Credit
Dec.
31
Revenue
4,328
Income Summary
4,328
To close revenues.
Close expenses for the period.
Date
Accounts and Explanation
Debit
Credit
Dec.
31
Income Summary
4,204
Selling, general, and administrative expense
4,005
Other Expenses
61
Interest Expense
68
Income Tax Expense
70
To close expenses.
Close Income Summary.
Date
Accounts and Explanation
Debit
Credit
Dec.
31
Income Summary
124
Retained Earnings
124
To close Income Summary.
Requirement 2. Determine
Hyatt HotelsHyatt Hotels
?Corporation's ending Retained Earnings balance at December? 31,
20152015.
Complete the? T-account below to determine
Hyatt HotelsHyatt Hotels
?Corporation's ending Retained Earnings balance at December? 31,
20152015.
Enter the opening balance on the first line and use the second line to show any additions to or subtractions from Retained Earnings during the year. Calculate and enter the ending balance of Retained Earnings on the last line of the? T-account. Use descriptions as posting references for each amount entered. ?(Enter amounts in millions as provided in the information. If a box is not used in the? T-account leave the box? empty; do not select a posting reference or enter a? zero.)
Retained Earnings
More
Less
Choose from any list or enter any number in the input fields and then click Check Answer.Data Table
Revenue
$4,328
Selling, general, and administrative expense
4,005
Other Expenses
61
Interest Expense
68
Income Tax Expense
70
Dividends
0
Retained Earnings, December 31, 2014
2,165
Save Accounting Table... + Copy to Clipboard... +Explanation / Answer
Answer
Retained Earnings
Debit
Credit
Beginning Balance
$ 2,165.00 Credit
Income Summary (Net Income)
$ 124.00
$ 2,289.00 Credit
Ending Balance
$ 2,289.00
Credit
Retained Earnings
Debit
Credit
Beginning Balance
$ 2,165.00 Credit
Income Summary (Net Income)
$ 124.00
$ 2,289.00 Credit
Ending Balance
$ 2,289.00
Credit
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