UVW Corp. provided the following information for the month of December 2023:

Cash balance on December 1: $40,000

Receipts:

• Cash Sales: $45,000
• Collection from Accounts Receivable: $22,000

Payments:

• Salaries: $20,000
• Rent: $7,000
• Utilities: $2,800
• Office Renovation: $4,500

Requirements:

1. Prepare the cash receipts journal for December 2023.
2. Prepare the cash payments journal for December 2023.
3. Prepare the cash budget for December 2023.
4. Determine the cash balance as of December 31, 2023.
5. Assess the impact of office renovation on the cash position.