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| Brockton City serves as collecting agency for the local independent school district and for a local water district. For this purpose, Brockton has created a single agency fund and charges the other entities a fee of 1% of the gross amounts collected. (The service fee is treated as general-fund revenue.) During the latest fiscal year a gross amount of $268,000 was collected for the independent school district and $80,000 for the water district. As a consequence of the foregoing, Brockton’s General Fund should A. Recognize receipts of $348,000. B. Record encumbrances of $344,520. C. Record revenue of $3,480. D. Recognize receipts of $344,520. |