Exercise 8-1 (Algo) Schedule of Expected Cash Collections [LO8-2] Silver Company makes a product that is very popular as a Mother's Day git. Thus, peak sales occur in May of each yeat, as shown in the company's sales budget for the second quarter given below. From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 60% ate collected in the month following sale, and the remaining 20% are collected in the second month following sate Bad debts ate negligible and can be ignored. February sales totaled $310,000, and March sales totaled $340,000 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 recelvable balance on June 30 th? Complete this question by entering your answers in the tabs below