Your corporation ordered inventory totaling $13,000 on Dec. 2, 2021 that was placed on backorder because the supplier did not have the items in stock. The corporation received notice that the items were shipped FOB Shipping point on Dec. 30. The inventory arrived Jan. 5, 2022. The terms offered by the vendor are 2/10, n/30.

Prepare end of year adjusting entries, corrections, and any other necessary entries necessary to prepare accurate financial statements for 2021.