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 April 1160,000 Fladpeted sales (all on account) May 5660,000 June $210,000 Total $1,130,000 From past experience, the company has learned that 20% of a month's soles 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 soles totaled $390,000, and March sales totaled $420,000 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 Required 2 What is the accounts receivable balance on June 30th? Total accounts receivable at June 30