Perth Inc.'s bank statement from Main Street Bank at August 31, 2022gives the following information Balance, August 1 August deposits Checks cleared in August Bank credit memorandum: Interest earned $18.400 71,000 68,678 Bank debit memorandum: Safety deposit box fee Service charge Balance, August 31 $25 50 20,692 45 A summary of the Cash account in the ledger for August shows the following: balance, August 1, $18,700; receipts $74,000; disbursements $73,570; and balance, August 31, $19,130. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,800 and outstanding checks of $4,500. In addition, you determine that there was an error involving a company check drawn in August: A check for $400 to a creditor on account that cleared the bank in August was journalized and posted for $40. (a) X Your answer is incorrect. Determine deposits in transit