paid $53000 cash for building and land. The building had a fair market value of $45000. Here is my answer.

Date May 1. Debit Credit
Account Transaction :
Cash $53000
Building and Land. $45000

Cash is debited $53,000

Building credited 45000
Land 8,000

To determine the accounting entries for the transaction of purchasing a building and land for $53,000 in cash, where the building's fair market value is $45,000, you will need to account for both the cash paid and the value of the building separately.

To record this transaction, you will need to debit an account for the cash paid and credit an account for the building and land. Here's how you can calculate the debit and credit amounts:

1. Debit Cash for the amount paid:
- Cash Debit: $53,000

2. Credit Building and Land for the fair market value of the building:
- Building and Land Credit: $45,000

The remaining $8,000 ($53,000 - $45,000) would be listed as an increase in the land's value. However, in this case, we need to confirm if the remaining $8,000 was included in the purchase price for both the building and land, or if it was a separate expense or adjustment.

If the $8,000 is part of the purchase price for both the building and land, you would need to include this amount in the credit entry for Building and Land, adjusting the credit to be $53,000. If the $8,000 is a separate expense or adjustment, you would need to record it separately in another accounting entry.

Note that these entries assume that you have already created the necessary accounts in your accounting system, such as "Cash" and "Building and Land." If you haven't, make sure to create these accounts before recording the transaction.