B-XYZ Company manufactures and sell wooden product. It wants to prepare cash budget for the second quarter of the year. The company's sales budget for the second quarter given below: April May June Total Budgeted Credit Sales $470,000 $670,000 $230,000 $1,370,000 - Credit sales are collected as follows: 25% in the same month of sale, 65% in the month following sale, and 10% in the second month following sale - February sales totaled $400,000, and March sales totaled $430,000. Required: 1. Prepare the cash collection schedule for the second quarter. 2. What is the accounts receivable balance on June 30th? (7.5 marks)