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 sales occur in May of each year, as shown in the company's sales budget for the second quarter given below: Budgeted sales (all on account) April $300,000 gMay $500,000 June $200,000 Total $1,000,000 From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 70% 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 $230,000, and March sales totaled $260,000. 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? Answer is complete but not entirely correct. 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. February sales March sales April sales May sales June sales Total cash collections Schedule of Expected Cash Collections April May June Total $ 23,000 $ 23,000 156,000 X 26,000 182,000 90,000 X 180,000 X 30,000 300,000 150,000 X 300,000 X 450,000 60,000 X 60,000 $ 269,000 $ 356,000 $ 390,000 $ 1,015,000 X Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the accounts receivable balance on June 30th? Total accounts receivable at June 30 $ 1,015,000