The company estimates 20% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 20% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $390,000, and March sales totaled $420,000. 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 recelvable 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. Exercise 8-1 (Algo) Schedule of Expected Cash Collections [LO8-2] Silver Company makes a product with peak sales in May of each year its sales budget for the second quarter is given below The company estimates 20% of a month's sales are coliected in the month of sale, another 6015 are colected in the month following sale, and the remaining 20% are collected in the second month following sale. Bad debts are negligiole and can be ignored februar sales totaled $390,000, and March sales totaled $420,000 Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quavter. 2 What is the accounts teceivable balance on June aOth? Complete this question by entering your answers in the tabs below. What is the accounts receivable balance on June soth