NBC Company started operations in December $2019$ and recorded the following transactions during the period:

o Cash Sales $-$ $$50,000$

o Credit Sales $-$ $$75,000$

o Estimated percentage of net credit sales that will be uncollectible is $10\%$

o Collections attributed to credit sales $-$ $$5,000$

o Returns attributed to credit sales $-$ $$7,000$

o Write offs of uncollectible accounts $-$ $$6,000$

Accounts receivable balance at the end of December $2019$ is equal to $$75,000.$

True

False