18. Gas Tomza's account balances at December 31,2022 for Accounts Reccivable and the Allowance for Doubtful Accounts are $800,000 debit and $1,500 credit. Sales during 2022 were $2,750,000. It is estimated that 1% of sales will be uncollectible. The adjusting entry would include a credit to the allowance account for a. $29,000. b. $27,500. c. $26,000. d. $8,000. 19. Which of the following statements are FALSE? (1) Financial information demonstrates consistency when a company applies the same accounting treatment to similar events, from period to period. (2) In classifying the elements of financial statements, the primary distinction between revenues and gains is the likelihood that the transactions involved will recur in the future. (3) The elements of financial statements include investments by owners. These are increases in an entity's net assets resulting from owners' transfers of assets to the entity. (4) Periodicity assumption is not a basic assumption underlying the financial accounting structure. a. (1) and (2) b. (2) and (3) c. (2) and (4) d. (3) and (4)