Silver Company makes a product with peak sales in May of each year. Its sales budget for the second quarter is given below:

$\backslash$table$[[$Budgeted sales $($all on account$),$April,May,June,Totat$],[300,000,$$$500,000,$$$200,000,$$$1,000,000,]]$

The company estimates $20\%$ of a month's sales are collected in the month of sale, another $70\%$ are collected in the month following sale, and the remaining $10\%$ are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $$230,000,$ and March sales totaled $$260,000.$

Required:

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 $30$ th$?$

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.

$\backslash$table$[[$Sehedule of Expected Cash Collections,,,,,$],[$February sales,,,,June,Total$],[$March sales,,,,,$],[$April sales,,,,,$],[$May sales,,,,,$],[$June sales,,,,,$],[$Total cash collections,,,,,$]]$