The Walt Disney Company had the following transactions for November 2023:

• Sold park tickets for $600,000 on account.
• Provided entertainment services worth $300,000, to be paid next year.
• Received $150,000 in advance for a service contract to be performed in December 2023.
• Paid salaries of $90,000, with an additional $45,000 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.