The following inventory transactions took place near December 31, 2024, the end of the Rasul Company's fiscal year-end:

1. On December 27, 2024, inventory costing $2,000 was shipped to the Milat Company on consignment. The shipment arrived at Milat's location on December 29, but none of the inventory was sold by the end of the year. The inventory was not included in the 2024 ending inventory.
2. On January 5, 2025, inventory costing $8,000 was received from a supplier and recorded as a purchase on that date and not included in the 2024 ending inventory. The invoice revealed that the shipment was made f.o.b. shipping point on December 28, 2024.
3. On December 29, 2024, the company shipped inventory costing $12,000 to a customer f.o.b. destination. The goods, which arrived at the customers location on January 4, 2025, were not included in Rasul's 2024 ending inventory. The sale was recorded in 2024.
4. Inventory costing $4,000 was received on December 28, 2024, on consignment from the Aborn Company. A purchase was not recorded and the inventory was not included in 2024 ending inventory.
5. Inventory costing $6,000 was received and recorded as a purchase on January 8, 2025. The invoice revealed that the inventory was shipped from the supplier on December 28, 2024, f.o.b. destination. The inventory was not included in 2024 ending inventory.

Required:

Select whether Rasul correctly accounted for each of the above transactions.

1. The transaction is/is not correctly accounted for
2. The transaction is/is not correctly accounted for
3. The transaction is/is not correctly accounted for
4. The transaction is/is not correctly accounted for
5. The transaction is/is not correctly accounted for