For each of the following expenditures, indicate whether the amount is debited to an asset account or to an expense account
Transaction Account Debited
Paint job
Major engine overhaul
Tire replacement
Asset modified for new use
Routine maintenance that keeps a machine in normal operating condition
Replacement of a roof
What will be an ideal response
Transaction Account Debited
Paint job Expense
Major engine overhaul Asset
Tire replacement Expense
Asset modified for new use Asset
Routine maintenance that keeps a machine in normal operating condition Expense
Replacement of a roof Asset
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Indicate whether this statement is true or false.