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? Revenues of $7,000. Revenues of $7,000, offset by expenses of $7,000. An increase in equity in the agency fund of $7,000. An increase in assets of $7,000 and an increase in liabilities of $7,000.