Exercise $8-1($Algo$)$ Schedule of Expected Cash Collections $[$LO$8-2]$

Silver Company makes a product that is very popular as a Mother's Day glft$.$ 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 company has learned that $30\%$ 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 $$330,000,$ and March sales totaled $$360,000.$

Required:

Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.

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.