During 2016, hardy merchandising company purchased $19,000 of inventory on account. hardy sold inventory on account that cost $14,300 for $21,400. cash payments on accounts payable were $11,900. there was $19,000 cash collected from accounts receivable. hardy also paid $3,900 cash for operating expenses. assume that hardy started the accounting period with $22,500 in both cash and common stock.

required
a.
identify the events described in the preceding paragraph and record them in a horizontal statements model. the first event is recorded as an example. (in the cash flow column, use the initials "oa" for operating activities, "fa" for financing activities, "nc" for net change in cash and "na" for not affect. enter any decreases to account balances with a minus sign.)

cash+acct rec+inv=acct pay. +common stock+retained earnings

$22,500 $22,500 na