Intel Corporation has the following transactions for May 2024:

• Issued common stock for $1,000,000 cash.
• Purchased semiconductor manufacturing equipment for $300,000 cash.
• Paid $90,000 for May rent.
• Sold microprocessors for $1,000,000, with a cost of $600,000.
• Paid $75,000 for utilities.

Required:

1. Record these transactions in the general ledger.
2. Prepare the trial balance as of May 31, 2024.
3. Discuss the importance of maintaining accurate ledger entries in financial accounting.