Check Budgeted sales (all on account) April $460,000 May $660,000 June Total $210,000 $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? Book Hint Ask Complete this question by entering your answers in the tabs below. Print ferences Required 1 Required 2 Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. Schedule of Expected Cash Collections April May June Total $ 0 0 February sales March sales April sales May sales June sales Total cash collections 0 0 0 $ 0 S 0 $ os 0 Me Graw Prey 1 of 2 !!! Next >