Add late fee. Inserting text and numbers in sep clumns IF date entered is past 20th

Ok. So what I am trying to do is add the text "Late" to column J and add the number "5" to column K, but only if date entered in column G is past the 20th of whatever month. My customers are subject to a $5 late fee if monthly payment isn't received by the 20th. My business is growing and it is becoming difficult to do this on a one-by-one basis. I have tried to play around with the SUMIF formulas but I really think that this one is over my head. Any help with this matter is greatly appreciated!!

Thanks again for your time!
LaurenL


Accounts Receivables.xlsx

Paul, Thank you very much. Thi did exactly what I was hoping it would. Is there anyway to apply this formula to the entire column rahter than entering it in row by row?

Thanks. I didnt even think about that.