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

• Sold products for $750,000, of which $550,000 was on account.
• Paid $150,000 in cash for advertising expenses.
• Acquired equipment worth $200,000, paying $55,000 in cash and signing a note for the balance.
• Received $400,000 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.