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 o cent) 3420.000 620,000 240.000 $1,280,000 From past experience, the company has leamed 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. Prepare a schedule of expected cash collections from sales by month and in total for the second quarter Schedule of Expected Cash Collection April May June Total February Sales Marches Apre sales $ OS Total cash collections Red 2 > Silver Company makes a product that is very popular as a Mother's Day gift. Thus,peak sales occur in May of each yenas shown the company's sales budget for the second quarter given below. April 20,000 Hudgeted sa May 0.000 June 240.000 Total 61,200,000 From past experience, the company has leamed 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 302 Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the accounts recevable balance on une 30th Total accounts recewable at June 30