Preheat the oven to 350ºF and butter and flour a 24-cup mini muffin pan. In a large mixing bowl with a whisk, or in a stand mixer fitted with a paddle attachment, cream together the butter and sugar until light and fluffy. Add the vanilla and almond extracts and continue to mix a few seconds, until combined.
In a separate mixing bowl, whisk together the flour, almond meal, baking powder and salt. Add the dry ingredients to the butter/sugar mixture and mix, either beating with a wooden spoon or in the stand mixer on low speed, until a dry, crumbly dough forms. Scoop out 2 Tablespoons of the dough and form into a fat disc. Press one thumb into the center of the disc, forming a small indentation on the top. Place the indented disc into one of the cups of the mini muffin pan and repeat with the remaining dough until all 24 cups are filled.
Fill the indentation in each cake with 1/2 teaspoon cherry preserves and top the preserves with one of the jarred cherries. Bake the filled cakes in the preheated oven for 18 to 20 minutes, or until the tops are lightly browned. Remove the cakes from the oven and let them cool in the pan for about 10 minutes, then remove the cakes from the pan to a cooling rack and allow to cool completely. If desired, dust the tops of the cakes with powdered sugar just before serving.
Serving Size 1 small cake