Check my work Eilver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as hown in the company's sales budget for the second quarter given below: April May June Total Budgeted sales (all on account) $ 340,000 $ 540,000 $ 170,000 $ 1,050,000 From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 75% are ollected in the month following sale, and the remaining 5% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $270,000, and March sales totaled $300,000. tequired: Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. What is the accounts receivable balance on June 30th? 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 Anrit Man Hun Total 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 April May June Total February sales March sales April sales May sales June sales Total cash collections $ $ $ 0 $ OOO 0 Ooo 0 0 0 Required 1 Required 2 > Budgeted sales (all on account) From past experience, the company has learned ollected in the month following sale, and the rer negligible and can be ignored. February sales to Required: Prepare a schedule of expected cash collection 2. What is the accounts receivable balance on Ju Complete this question by entering your ans SUV Required 1 Required 2 What is the accounts receivable balance on June 30 Total accounts receivable at June 30