Question 1 Schedule of Expected Cash Collections (2 points) 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: Budgeted sales (all on account) From past experience, the company has learned 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 negligible and can be ignored. February sales totaled $230,000, and March sales totaled $260,000. Required: In Excel, please prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. Use Schedule 1 on page 317 of your KSB 600 text as your guide. Also, please compute the accounts receivable balance on June 30th