Siver Carpany makes a product that is very populat as a Mother's Day gitt. This. peok sales excur in May of each yeal, as shown in the company's sales budget for the second quarter given below: From past esperience. the compary has leamed that 305 of a month's sales are colected in the month of sale, another 601 are collected in the month following sale, and the remaining tow are collected th the second month foliowing sale. nod debts are negligible and can be ignored. February saies totaled 5290.000 and March sales totaled $320.000 Required: 1. Prepare a schedule of expected cash collections trom sales. by month and in total, for the second qualet 2. What is the accounts recelvable balance on June 30th ? Complete this question by entering your answers in the tabs below. Prepare a schedule of expected cash coliections from sales, by month and in totai, for the second quarter. Exercise 8-1 (Algo) Schedule of Expected Cash Collections [LO8-2] 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. From past experience, the compony has leamed that 305 of a month's sales are collected in the month of sale, another 60% 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 $290,000, and March sales totaled $320,000. Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quartec 2. What is the accourts recelvable balance on June 30 th? Complete this question by entering your answers in the tabs below. What is the accounts rectivable batance on June 30th