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onnect EXERCISE 8-1 Schedule of Expected Cash Collections Siver Company makes a product that is very popular as a Mother's Day gift. Thus, Deak in May of each year, as shown in the company's sales budget for the second quarter gi sales occu May June Total April $300,000 $500,000 $200,000 $1,000 Budgeted sales (all on account)... From past experience, the company has learned that 20% of a month's sales are collected 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 i February sales totaled $230,000, and March sales totaled $260,000. gnored Required: 1. Using Schedule 1 as your guide, 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