Salesforce.com, Inc. had the following transactions for August 2023:

• Sold software licenses for $300,000 on account.
• Provided consulting services worth $150,000, to be paid next year.
• Received $75,000 in advance for a service contract to be performed in September 2023.
• Paid salaries of $50,000, with an additional $25,000 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.