Tab 1 Midwest Products is a wholesale distributor of leaf rakes. Thus, peak sales occur in August of each year as shown in the company's sales budget for the 3rd quarter, given below: July August Budgeted Sales (all on account) 600,000 900,000 September Total 500,000 2,000,000 From past experience, the company has learned that 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 2nd month following sale. Bad debts are negligible and can be ignored. May sales totaled $430,000 and June sales totaled $540,000. 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the 3rd quarter. 2. Assume that the company will prepare a budgeted balance sheet as of 9.30. Compute Accts Receivable at 9.30. July August September Total May Sales (430,000): June Sales (540,000): July Sales (600,000): August Sales (900,000): September Sales (500,000): Total Collections: Accounts Receivable