Silver Company has projected sales for the third quarter of the coming year as follows:

July$980,000

August$620,000

September$1,140,000

Actual sales figures for May and June are as follows:

May$900,000

June$1,000,000

Cash Collections from sales are budgeted at 50% in the month of sale, 30% in the month following the sale, and 17% collected in the second month following the sale. The remaining 3% is uncollectible.

Required:

1. Prepare a schedule of Expected Cash Collections from sales for July.

2. Calculate the Accounts Receivable balance on July 31st excluding uncollectible amounts.