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The library charges overdue fees when books are returned late. Each night, after closing, the librarian looks at the list of customers with overdue books
The library charges overdue fees when books are returned late. Each night, after closing, the librarian looks at the list of customers with overdue books and calculates the total dollars of late fees. If the last day of the library's year is December 31, 2020 and total fees were $35 that day, the journal entry to record these charges would include: Debit to Late Fee Expense of $35 Debit to Acocunts Payable for $35 o Credit to Late Fee Revenue for $35 Credit to Accounts Receivable for $35 None of the above
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