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.
Accumulated Depreciation is a Contra Asset Account. The accumulated depreciation contra asset account records the depreciation to date of a fixed asset. The account is normally a credit balance and in use is offset against the fixed asset account which is normally a debit.The net balance of the two accounts shows the net book value of the fixed asset.n bookkeeping terms, a contra asset account refers to an account which is offset against an asset account. As an asset account is normally a debit balance, a contra asset account will normally be a credit balance.