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44. January 7, 2014: Hollis Mfg. Corporation received a shipment of raw material from Canada. The materials had been ordered in Oct 2013 and shipped

44. January 7, 2014: Hollis Mfg. Corporation received a shipment of raw material from Canada. The materials had been ordered in Oct 2013 and shipped FOB shipping point in December 2013. The shipment was not recorded in 2013 financial statement. Which of the following is correct?

  1. None of the answer is correct

  2. This should be disclosed in the notes to the financial statement

  3. This should be disclosed at the debit report

  4. Adjusting entry should be made to 2013 financial statement

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