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) April $420,000 May 5620, eee June $240,000 Total $1,280,eee From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 65% are collected in the month following sale, and the remaining 15% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $350,000, and March sales totaled $380,000. 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. Required 1 Required 2 Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. Schedule of Expected Cash Collections April May June Total February sales $ 0 March sales 0 April sales 0 May sales 0 June sales Total cash collections $ 0$ 0$ 0 $ 0 0