Silver Company makes a product that is very popular as a Mothers Day gift. Thus, peak sales occur in May of each year, as shown in the companys sales budget for the second quarter given below: April May June Total Budgeted sales (all on account) $ 420,000 $ 620,000 $ 240,000 $ 1,280,000 From past experience, the company has learned that 20% of a months sales are collected in the month of sale, another 65% are collected in the month following sale, and the remaining 15%

1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. What is the accounts receivable balance on June 30th? Complete this question by entering your answers in the tabs below. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. 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 accounts receivable balance on June 30 th