Time Slot creation in beta2

We are currently running a production site based on the v7 alpha3. We are in the process of migrating to beta2.

One thing that we are running into is that when creating Times, the title display of the time in various places is 7 hours behind. E.g., if my first time slot is at Sept 4 at 7:30 am, it appears as
09/04/2014 - 00:30-09/04/2014 - 01:30.

I might think that it is just displaying GMT, except that since we in the Pacific US zone, it should appear 7 hours ahead as 2014-09-04 14:30:00, right? I have tried setting all timezones I can find (time, event, site default) to the correct setting, but to no avail.

The beta1 which I first installed to test it out does not do this. Did something change between the two, or is there some setting i am missing?

Thanks in advance for any insight anyone can provide.