Tesla, Inc. had the following transactions in July 2024:

• Sold electric vehicles for $600,000, of which $450,000 was on account.
• Paid $70,000 in cash for advertising expenses.
• Acquired equipment worth $150,000, paying $45,000 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 Tesla, Inc.