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Gallagher, LLP manufactures sporting equipment. Peak sales occur in August of each year, as shown in the company?s sales budget for the third quarter given below: July August September Total Budgeted Sales $600,000 $900,000 $500,000 $2,000,000 (all on account) From past experience, the company has learned that 2O% of a month?s sales are collected n the month of sale, another 70% 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. May sales totaled $430,000, and June sales totaled $540,000. Required (In Professional Format): 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the third quarter. 2. Assume that the company will prepare a budgeted balance sheet as of September 30th. Compute the accounts receivables balance as of that date