Silver Company makeh a product that is very popdar os a Mother's Day aift. Thes. pesk sales occurin May of each year, as shown in the company's sales budget lor the second quates given below From past experience, the conpany has leamed that 25% of a monthis sales are collected in the month of sale, another 60%5 ate collected in the month following sale, and the remaining 15% are collected in the second month following sale Bad debts are negligble and can be ignored. Febivary sales tota'ed $360,000, and March sales totaled $390000 Required: 1. Prepare a sehedule of expected cash colections from saies, by month and in cotal, for the second auarter. 2. What is the accounts recelvable balence on June 30 the Complete this question by entering your answers in the tabs below. 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 25% of a month's sales are collected in the month of sale, another 60% are collected in the month following sole, and the remaining 15% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $360,000, and March sales totaled $390,000. Required: 1. Prepare a schedule of expected cosh 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. What is the accounts receivable balance on June 3 oth