• Preheat oven to 350° and grease two 8 inch round cake pans and dust with flour. Set aside.

For the Funfetti Cake

• In a medium bowl, whisk flour, baking powder and baking soda together. Set aside.
• In a large bowl, beat butter and sugar together until light and fluffy.
• Beat eggs into butter mixture, one at a time, until combined, then add vanilla and cherry extract.
• Add dry ingredients into the wet ingredients and mix until combined.
• Next, mix milk until smooth and then stir in rainbow baking chips.
• Pour cake batter into prepared pans.
• Baked for 30-40 minutes or until toothpick inserted in the center comes out clean.
• Remove from oven, place on a wire rack and let cool completely.

For The Frosting

• In a large bowl, beat cream cheese and butter together until smooth and creamy.
• Gradually add powdered sugar, two cups at a time, and beat until smooth.
• Add vanilla and beat until combined.
• Frost cakes once cakes have completely cooled.
• Add sprinkles to outside of cake, as desired.