1 Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below 25 Hodgeted sales call on account) All 1460.000 60, Sun $210,000 Total $3,30,000 Bere From past experience, the company has learned that 20% of a month's soles are collected in the month of sale, another are collected in the month following sale, and the remaining 20% are collected in the second month following sale Bad debts are negligible and can be ignored. February sales totaled $390,000, and March sales totaled $420,000 Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total for the second quarter 2. What is the accounts receivable balance on June 302 HR Pri Complete this question by entering your answers in the tabs below. Defence Required 1 Required 2 Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter Schedule of peach Collections April May June Total February sales 5 Marches 0 |Meal area 0 May Sales June 0 Tot cash collections Required 2 > Silver Company makes a product that is very popular as a Mother's Day gift Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below. Budgeted sales (all on account) April $460,000 May $660, eee ( Dune $210,000 Total $1,330,000 From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 20% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $390,000, and March sales totaled $420,000 Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter 2. What is the accounts receivable balance on June 30th? Complete this question by entering your answers in the tabs below. Required Required 2 What is the accounts receivable balance on June 30th? Total accounts recebe at June 30