To complete Lesson 7, Chip must pass the element with only its requisite boot, as after collecting the chip the thief will take the boot, and only then collect the other boot and use it. For more on the mechanics of teleports, see its page.
The fastest way through is >D to the chip, >U to the flippers, then >DL to the water, followed by >RL to the fire boots and >U to the fire. From there, a >D or >R move allows Chip to go through the socket and walk into the exit.