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 shawn in the company's sales budget for the second quarter given below: From past experience, the company has leamed that 25% of a month's sales are collected in the month of sale, another 60% are colected in the month following sale, and the remaining 15% are collected in the second montir following sale. Bad debts are negligible and can be ignored. Februery sales totaled $320,000, and March sales tataled $350.000 Pequired: Prepare a schedule of expected cash collections from sales, by month and in total, for the second quartec, 2. What is the accounts recewable talance on June 30th? Complete this question by entering your answers in the tabs below. Prepare a schedule of expected cash collections from cales, by month and in total, for the second quarter. Silver Company makes a product that is very popular as a Mother's Doy gitt. Thus, peak sales occur in May of each year, as thown in the company's saies budget for the second quarter given belaw: From past expetience, the company has learned that 25% of a month's sales are collected in the month of sale, another 60 as are collected in the menth following sale, and the remaining 159 are collected in the second month following sale. Bad debts are negligible ond can be ignored. February sales totaled $320,000, and March sales totaled $350,000. 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 ? Cemplete this question by entering your answers in the tabs below. What is the accounts receivable balance on June 30t