Chapter 8 Homework A Saved Help Save & Exit Submit Check my work 1 April $390,000 May $590,000 June $230,000 Total $1,210,000 Budgeted sales (all on account) 12.5 points From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 60% 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 $320,000, and March sales totaled $350,000. eBook 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 receivable balance on June 30th? Hint Print Complete this question by entering your answers in the tabs below. 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 April sales May sales June sales Total cash collections Mc Graw Hill Prey 1 of 8 . Next > Chapter 8 Homework Saved Help Save & Exit Submit Check my work 1 April $390,000 Budgeted sales (all on account) May $590,000 June $230,000 Total $1,210,000 12.5 points From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 60% 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 $320,000, and March sales totaled $350,000. eBook 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 receivable balance on June 30th? Hint Print Complete this question by entering your answers in the tabs below. References Required 1 Required 2 What is the accounts receivable balance on June 30th? Total accounts receivable at June 30