Record the following transactions for Tesla Inc. for the month of September 2024 and prepare the income statement:

• Sep 1: Received $500,000 in cash as investment from shareholders.
• Sep 5: Purchased inventory worth $200,000 on credit.
• Sep 10: Sold merchandise for $350,000 in cash.
• Sep 15: Paid $50,000 in cash for operating expenses.
• Sep 20: Received $100,000 in cash from customers on account.
• Sep 25: Paid $150,000 in cash for salaries.
• Sep 30: Collected $200,000 in cash from customers for services provided.