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.

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Date		Accounts and Explanation	Debit	Credit
Dec.	31	Revenue	4,328
		Income Summary		4,328
		To close revenues.

Close expenses for the period.

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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.

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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.)

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Retained Earnings

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Choose from any list or enter any number in the input fields and then click Check Answer.Data Table

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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

Answer 1

• All working forms part of the answer
• Retained Earnings are INCREASED (credited) by Net Income amount of Income Summary, and are DECREASED (debited) by Net Loss amount of Income Summary and Dividend paid amount.
• Retained Earnings:

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