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.
In the first year, the asset was only used for 7 months. To figure how much depreciation to record for this asset in the first year, you will take the annual depreciation ($120) and times it by a fraction of how many months the asset was used (7 months/out of 12 months).