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Current Attempt in Progress On July 1, 2021, Swifty Satellites Corporation issued $ 1,200,000 of 10-year, 7% bonds to yield a market interest rate of 6%. The bonds pay semi-annual interest on July 1 and January 1. Swifty has a December 31 year end and records adjusting entries annually. Swifty received $ 1,289,270 when issuing the bonds. Click here to view the factor table. Record the payment of interest on January 1, 2022, and July 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Round all amounts to the nearest dollar, eg. 5,275.) Date Account Titles and Explanation Debit Credit 2022 Jan. 1 Interest Payable 42000 Cash 42000 July 1 Bonds Payable 35570 Interest Expense 6430 Cash 42000 Your answer is partially correct. Prepare the adjusting entry on November 30, 2021, to accrue the interest on the bonds, assuming the company's year end was November 30, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Round all amounts to the nearest dollar, eg. 5,275.) Date Account Titles and Explanation Debit Credit 2021 Nov. 30 Interest Expense 38678 Bonds Payable 3322 Cash 42000