Intel Corporation had the following transactions for February 2023:

• Sold microprocessors for $700,000 on account.
• Provided technical support services worth $350,000, to be paid next year.
• Received $175,000 in advance for a service contract to be performed in March 2023.
• Paid salaries of $100,000, with an additional $50,000 accrued.

Required:

1. Record these transactions in the general ledger.
2. Prepare the necessary adjusting entries at year-end.
3. Discuss the importance of revenue recognition principles and adjusting entries in financial accounting.