Exercise 8-1 (Static) Schedule of Expected Cash Collections [LO8-2] Siver Company makes a product that is very popular'as a Mother's Day gitt. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below; From past experience, the company has leamed 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 negigible and can be ignored. February sales tofaled $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 30 th? Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. 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 30 th? Complete this question by entering your answers in the tabs below. What is the accounts receivable balance on June 30 th