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 May June Total Budgeted sales (all on account) $ 420,880 $ 628,eee $ 240,00 $ 1,288, 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? Answer is complete but not entirely correct. 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 $ 23,000 $ IS 23,000 March sales 182,000 25,000 208,000 April sales 60,000 210,000 & 30,000 x 300,000 May sales 100,000 350,000 450,000 June sales 40,000 40,000 Total cash collections $ 205,000 S 338,000 $ 420,000 $ 1,021,000 Required Required 2 >