Starbucks Corporation had the following transactions in February 2024:

• Sold beverages and snacks for $1,000,000, of which $700,000 was on account.
• Paid $120,000 in cash for advertising expenses.
• Acquired equipment worth $200,000, paying $80,000 in cash and signing a note for the balance.
• Received $500,000 in cash from customers for sales previously billed.

Prepare the journal entries for these transactions and explain their impact on the financial statements of Starbucks Corporation.