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 buidget for the second quarter given below: From past experience, the company has leamed that 25% of a month's saies are collected in the month of sale, another 60% are collected in the month following sale, and the remeining 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 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. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter