Silver Company makes a product that is very popular as a Mother's Day gitt. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below: Fiom past experience, the company has learned that 20% of a montris sales are collected in the month of sale, another 70% are collected in the month following sale, and the remaining tos are collected in the second month following sale. Bad debts are fregligible and can be ignored. February sales totaled $2,30,000, and March sales totaled $260,000. Required: 1 Prepare a schedule of expected cash collections from sales, by monsh and in toxal, for the second quarter. 2. What is the accounts recervable balance on June 30 th? Complete this question by entering your answers in the tabs below. Prepare a schedule of uxpected cach collections from sales, by month and in total; for the secoisd quartes 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 30 th? Complete this question by entering your answers in the tabs below. What is the accounts receivable balance on June 30 th