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 in the company’s sales budget for the second quarter given below: april may june total budgeted sales (all on account) $300,000 $500,000 $200,000 $1,000,000 from past experience, the company has learned that 20% of a month’s sales are collected in 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. february sales totaled $230,000, and march sales totaled $260,000. 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?