(solution) Closing entries for private NFP – what are the new accounts,

(solution) Closing entries for private NFP – what are the new accounts,

Closing entries for private NFP ? what are the new accounts, what are the 3 closing entries, into which account(s) are the nominal accounts closed

Q. what are the new accounts, what are the 3 closing entries, into which account(s)
are the nominal accounts closed?
Answer. At the end of each fiscal year, all revenue and expense accounts are…