$7-13$ Wolfe Hospitality Consulting had the following transactions occur involving current assets and current liabilities during February $2008$:

Feb. $3$ Accounts receivable of $$15,000$ are collected.

$7$ Equipment is purchased for $$28,000$ cash.

$11$ Paid $$3,000$ for a three$-$year insurance policy.

$14$ Accounts payable of $$12,000$ are paid.

$18$ Cash dividends of $$5,000$ are declared.