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.
Why is Accumulated Depreciation an asset account? Having an asset account such as Accumulated Depreciation allows a company's balance sheet to easily report both 1) the amount of an asset's cost that has been depreciated as of the date of the balance sheet, and 2) the asset's cost. This is possible because Accumulated Depreciation is credited each time that Depreciation Expense is debited.