Silver Company makes a product that is very popular as a Mother's Day gift. Thusi 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 leamed that 20% of a month's sales are collected in the month of sale, another 60%5 are collected in the month following sale, and the remaining 20% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $390,000, and March sales totaled 5420,000 Required: 1. Prepore a schedule of expected cash collecbons from sales, by month and in total, for the second quartet. 2. What is the accounts receivable balance on June 30 th? Complete this question by entering your answers in the tabs below. Sregare a schedule of expected cash collectione from ales, by month and in total, for the second quarter. Siver 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 leamed that 20% of a month's sales are collected in the month of sale; another 60% are collected in the month following sale, and the remaining 20% are collected in the second month following sale Bad debts are negligible and can be ignored. February sales totaled $390,000, and March sales totaled 5420,000 . 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 receivable balance on June 30th ? Complete this question by entering your answers in the tabs below. What is the accourts recelvable balance on June 30 th