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lion.com/ext/map/index.html?con conextuma browser launchinhttp%253A%252F%252Fnewconnect whection.com 252Fctivities in Ch 8 HW ad 16 Exercise 8-1 Schedule of Expected Cash Collections (LO8-2) 0.5 point 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 the company's sales budget for the second quarter given below. ADELL May Budgeted sales (all on account) June Totaz 1410,000 3610,000 $240,000 31,700.000 02:35:47 Book From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 65% are collected in the month following sale, and the remaining 15% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $350,000 and March sales totaled $380,000 Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quartet 2. What is the accounts receivable balance on June 30th? Hint F Complete this question by entering your answers in the tabs below. Print References Required 1 Required 2 Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. Schedule of Expected Cash Collections April May June Total February sales March sales Apel sales May sales June sales Total cash collections Required 2 > Mc