An account summary in a credit report shows the brief history of particular credit account. When the status line shows account as transferred and closed it means that the account has been closed and has been transferred to another credited or been sold to a debt collection agency.
Very often the creditor will also list the name and details of the party that the debt was transferred to. You will now be required to work with the current holder of your debt in order to make the payment. If the debt has been transferred to a collection agency than it is likely that a new account will be shown in your credit report in the future that has the status of the collection account. You will need to make the payment towards the collection agency and not towards your previous creditor for such an account.