Tesla, Inc. had the following transactions for April 2023:

• Sold electric vehicles for $800,000 on account.
• Provided maintenance services worth $400,000, to be paid next year.
• Received $200,000 in advance for a service contract to be performed in May 2023.
• Paid salaries of $120,000, with an additional $60,000 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.