Exercise 8-1 Schedule of Expected Cash Collections [L08-2] Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of e the company's sales budget for the second quarter given below ach year, as shown In May $500,000 $700,000 $240,000 $1,440,000 Budgeted sales (al1 on account) From past experience, the company has learned that 20% of a month's sales are collected in the month of sale another 60% are collected in the month following sale, and the remaining 20% are collected in the second month following sale. Bad debts are negligible and can be ignored.February sales totaled $430,000 and March sales totaled $460,000. 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 Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. 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. Book Schedule of Expected Cash Collections April May June Total int February sales March sales April sales May sales June sales Total cash collections rint rences Required 2> Complete this question by entering your answers in the tabs below. ook int rint Required 1 Required 2 rences What is the accounts receivable balance on June 30tha tal accounts receivable at June 30 Required 1