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Oakly Inc. charges a delinquency fee when AR is not paid within 6 months of the sales transaction date. How should the company account for

Oakly Inc. charges a delinquency fee when AR is not paid within 6 months of the sales transaction date. How should the company account for the delinquency fees? Determine the reference(s) from the codification system that explains the GAAP guidance on this topic.

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