Identify the account debited and the account credited from the last closing entry a corporation makes each

Question:

Identify the account debited and the account credited from the last closing entry a makes each year. What is the purpose of this entry?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...