Before you begin this assignment, it will be helpful if you review Hyatt Hotels

Question

Before you begin this assignment, it will be helpful if you review Hyatt Hotels Covporation's 2015 annual reportttinvestors hvatt com/investor-relations financial-reporting/annualreports) Hyatt Hotels Corporation is headquartered in Chicago and is a leading global hospitality company. The company develops, owns, and operates hotels, resorts, and vacation ownership properties in 52 diferent countries. For the year ended December 31, 2015, Hyatt Hotels reported the following select account information (in millions): (Click the icon to view the data.) Read the requirements Requirement 1. Journalize Hyatt Hotels Corporation's closing entries at December 31, 2015. (Enter amounts in millions as pr Data Table the last line of tho journal entry table.) Revenue Selling. general, and administrative expense Other Expenses Interest Expense Income Tax Expense Dividends Retained Earnings, December 31, 2014 S 4,328 4,005 61 68 70 Start by closing revenues. Date Accounts and Explanation Debit Credit Dec. 31 2,165 Choose from any list or enter any number in the input fields and then click Check Answer Print Done

Explanation / Answer

the following are the closing entries:

1. closing revenues:

2.closing expenses:

3.to close dividends to retained earnings:

4. to close income summary to retained earnings:

date accounts and explanation debit credit dec 31 Revenue a/c $4,328 ...................To Income summary a/c $4,328 (to close revenue accounts)

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