Check my 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 tall on account) April $330,000 May $530,000 June $210,000 Totat $1,070,000 From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 15% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $260,000, and March sales totaled $290,000 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 301? Complete this question by entering your answers in the tabs below. 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 Aard May Total February sales March aus Apr sales May sales June sais Total cash actions > Prey 1 of 3 Next > Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each he company's sales budget for the second quarter given below: April May June Budgeted sales (all on account) Total $330,000 $530,000 $210,000 $1,070,000 From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, anot collected in the month following sale, and the remaining 15% are collected in the second month following sale. Bad de negligible and can be ignored. February sales totaled $260,000, and March sales totaled $290,000. 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 1 Required 2 What is the accounts receivable balance on June 30th? Total accounts roceivable at June 30 Required 1