During 2016. hardy merchandising company purchased $40,000 of inventory on account. hardy sold inventory on account that cost $24, 500 for $38,000. cash payments on accounts payable were $22,000. there was $26,000 cash collected from accounts receivable. hardy also paid $5, 100 cash for operating expenses. assume that hardy started the accounting period with $20,000 in both cash and common stock. identify the events described in the preceding paragraph and record them in a horizontal statements model. the first event is recorded as an example. what is the balance of accounts receivable al 1he end of 2016?