At their April 21, 2016 meeting, the Forsyth County Board of Commissioners proclaimed May 5, 2016 as âDay of Prayerâ in Forsyth County. All are invited to meet outside of the Forsyth County Courthouse in downtown Cumming at 10 a.m. on May 5, for observance of âDay of Prayer.â.
The accumulated depreciation account is an asset account with a credit balance (also known as a contra asset account); this means that it appears on the balance sheet as a reduction from the gross amount of fixed assets reported.
To record depreciation expense Note that after recording the 19X6 depreciation expense, the balancein Accumulated DepreciationâEquipment is $2,000 ($1,000 deprecia-tion for 19X5 + $1,000 depreciation for 19X6).epreciation for each asset is usually calculated separatelyand is based on four factors:a. the assetâs cost; b. the assetâs estimated life; c. the assetâs residual value (its book value after being fully depreciated); andd. the method of depreciation selected.