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 gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below: April $400,000 Budgeted sales (cl1 on account) May $600,000 June $190,000 Total $1,190,000 From past experience, the company has learned that 30% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 10% are collected in the second month following sale Bad debts are negligible and can be ignored. February sales totaled $330,000, and March sales totaled $360,000 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? ce 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. Prey 1 of 6 1 Next >