Complete a journal entry for Big Lots is a large, national retail store. Lakeland Wholesalers is a national wholesaling company. Assume Lakeland Wholesalers is a supplier of Big Lots and the two companies have the following recent transactions.

May $11$ Lakeland Wholesalers uses UPS to deliver merchandise of $$33,500$ to Big Lots with the shipment being received by Big Lots on May $11.$ The invoice is also dated May $11,$ terms $3/10,$ n$/90,$ FOB shipping point. The goods cost Lakeland $$22,445.$ Big Lots pays $$545$ cash to UPS for delivery charges on the merchandise.

May $12$ Big Lots returns $$1,100$ of the $$33,500$ of goods to Lakeland, who receives them the same day and restores them to its inventory. The returned goods had cost Lakeland $$737.$

May $20$ Big Lots pays Lakeland for the amount owed. Lakeland receives the cash immediately.

$($Both The Big Lots and Lakeland use a perpetual inventory system and the gross method.$)$

$1.$ Prepare journal entries that Big Lots $($buyer$)$ records for these three transactions.

$2.$ Prepare journal entries that Lakeland Wholesalers $($seller$)$ records for these three transactions.

Big Lots returns $$1,100$ of the $$33,500$ of goods to Lakeland, who receives them the same day and restores them to its inventory. Record Lakeland's entry for this transaction.