Nike, Inc. had the following transactions in October 2024:

• Sold products for $700,000, of which $500,000 was on account.
• Paid $100,000 in cash for advertising expenses.
• Acquired equipment worth $150,000, paying $50,000 in cash and signing a note for the balance.
• Received $350,000 in cash from customers for sales previously billed.

Prepare the journal entries for these transactions and explain their impact on the financial statements of Nike, Inc.