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Home Q & A Board Other Fields Homework Help Business Accounting
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goji.go goji.go
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9 years ago
A county uses an agency fund to collect property taxes for both itself and on behalf of the three municipalities within its borders. If the county collected $7,000 of municipal taxes during the month, what would be reported in the agency fund?
A.   Revenues of $7,000.
B.   Revenues of $7,000, offset by expenses of $7,000.
C.   An increase in equity in the agency fund of $7,000.
D.   An increase in assets of $7,000 and an increase in liabilities of $7,000.
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Diesel
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f_zah1f_zah1
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