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A is corrent. The 12/31/Y1 balance per bank is given ($21,720). The only reconciling item at 12/31/Y1 is outstanding checks ($2,500). Therefore, the correct balance per bank at 12/31/Y1 is $19,220. The correct balance per bank is always the same as the correct balance per books.
B is incorrect because the correct cash balance is the given balance on 12/31/Y1 less the $2,500 of outstanding checks since the problem stated that all of November’s items cleared.
C is incorrect because it fails to consider the $2,500 of outstanding checks.
D is incorrect because the correct cash balance is the given balance on 12/31/Y1 less the $2,500 of outstanding checks since the problem stated that all of November’s items cleared.