Final answer:
The accumulated depreciation account is found on the balance sheet under the Assets column in a contra-asset account. It is represented on the credit side in T-account format and reflects the total depreciation of an asset over time, reducing the value of fixed assets.
Step-by-step explanation:
An accumulated depreciation account is typically found on a company's balance sheet, which is part of the financial statements. Accumulated depreciation is listed under the Assets column in a contra-asset account, which offsets the assets, specifically the fixed assets. The value in the accumulated depreciation account increases over time as depreciation expenses are recorded, indicating the amount of an asset's cost that has been allocated over its useful life so far.
According to accounting convention, when creating a T-account, which is a visual representation of any single account in the ledger shaped like the letter 'T', accumulated depreciation would be on the credit side because it increases with credit entries. The T-account helps in understanding the financial position of the assets and how they change over time due to various transactions such as depreciation.
In practice, while summing up columns for Exports, Imports, and Balance, as mentioned in your example, the final balance number represents the current account balance, but this is separate from how accumulated depreciation is tracked on the balance sheet.