Check my work Exercise 8-1 Schedule of Expected Cash Collections (LO8-2) Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak salas accur in May of each year, as shown in the company's seles budget for the second querter given below: Hught sulm (All Hecent) April $310,000 $520,000 $160,000 $980,000 From past experience, the company has learned that 25% of month's sales are collected in the month of sale, rather 60% arc collected in the month following sele, and the remaining 15% are collected in the second month following sale. Bed debts ere negligible and can be ignored. February sales totaled $240,000, and March sales totaled $270,000. Required: 1. Prepare a schedule of expected cash collections from salas, by manth and in total, for the second quarter. 2. Whet 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. Total Schedule of Expected Cash Collections April May June February sales March sacs April sales May sales June sales Total cash collections S 0 S 0S 0S 0 Required 2 >