QS 20-26A (Algo) Merchandising: Cash payments for merchandise LO P4 Garda purchased $550,000 of merchandise in August and budgets merchandise purchases of $800,000 in September. Merchandise purchases are paid as follows: 20% in the month of purchase and 80% in the month after the purchase. Prepare a schedule of cash payments for merchandise purchases for September. GARDA Schedule of Cash Payments for Merchandise Purchases September Merchandise purchases $ 800,000 Cash payments for: Current period purchases Prior period purchases Total cash payments for merchandise purchases $ 0