Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. Exercise 8-1 (Algo) Schedule of Expected Cash Collections [LO8-2] Silver Company makes a product with peak sales in May of each year. Its sales budget for the second quarter is given below: The company estimates 30% of a month's sales are collected in the month of sale, another 60% 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 ignored. February sales totaled $370,000, and March sales totaled $400,000 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. What is the accounts receivable balance on June 30 th