A summary of the Cash account in the ledger for August shows the following: Reconciled cash balance, August 1,$18,928; cash receipts deposited $86,240; cheque disbursements $82,392; and unreconciled cash balance, August 31,$22,776. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $5,600 and outstanding cheques of $5,040. In addition, you determine that there was an error involving a company cheque drawn in August: A cheque for $400 payable to a supplier on account that cleared the bank in August was journalized and posted for $40. (a) Calculate deposits in transit at August 31. Deposits in transit $