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

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 $30\%$ 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. Februar

sales totaled $$290,000,$ and March sales totaled $$320,000.$

Required:

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

What is the accounts receivable balance on June $30$th$?$

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