Exerclse 8-1 (Algo) 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: From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 75% are collected in the month following sale, and the remaining 5% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $270,000, and March sales totaled $300,000. 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? Complete this question by entering your answers in the tabs below. Exerclse 8-1 (Algo) Schedule of Expected Cash Collectlons [LO8-2] Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May 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 s collected in the month following sale, and the remaining 5% are collected in the second month following sal and can be ignored. February sales totaled $270,000, and March sales totaled $300,000. 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? 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. From past experience, the company has-learned that 20% of a month's sale collected in the month following sale, and the remaining 5% are collected in and can be ignored. February sales totaled $270,000, and March sales total Required: 1. Prepare a schedule of expected cash collections from sales, by month and 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