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.
If you take the original the cost of the asset (your purchase price), and subtract the accumulated depreciation, you get the book value or the carrying value of the asset. Accumulated depreciation is known as a contra-asset. This means that accumulated depreciation is an asset account with a credit balance.