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 the company's sales budget for the second quarter given below: From past experience, the company has learned that 25% of a month's saies are collected in the month of sale, another 60% are collected in the month following sole, and the remaining 15% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $420,000, and March sales totaled $450,000. Required: 1. Prepare a schedule of expected cash collections from soles, by month and in total, for the second quarter. 2. What is the accounts recelvable balance on June 30th ? Complete this question by entering your answers in the tabs below. Prepare a scheduie of expected cash collections from sales, by month and in total, for the second quarter