Heat oven to 375°F, with the racks at the upper-middle and lower-middle positions. Prepare 2 baking sheets by lining them with parchment paper.
Stir together 2 cups all-purpose flour, ½ teaspoon baking powder, and ½ teaspoon salt in a small bowl. Set aside.
Cream the softened butter, 1 cup granulated sugar, and ¼ cup light brown sugar together using a stand mixer, or by hand. Add 1 large egg, 2 teaspoons vanilla extract, and ¼-1/2 teaspoon almond extract. Mix until well combined. Stir in the flour mixture at low speed until dough forms.
Spread 1 1/2 cups sliced almonds over a medium plate. Scoop roughly 1 1/2 Tablespoon portions of dough and form into balls. Roll the dough balls into the sliced almonds until mostly covered (note that due to the shape of the almonds, there will be some spots that may be a little bare - no worries, just try to get the dough as fully covered as you can).
Place the almond-coated dough balls on a cookie sheet and use a 1 teaspoon measuring spoon, or the end of your thumb to make an indent in the center of the balls. Ensure that the cookie dough portions are spaced at least 1 1/2 inches apart after forming the indents. (Note that if you prefer to chill your cookie dough before baking, now is the time to do it, but I tested this recipe with chilling and without, and it didn't make a significant difference.)
Use a small spoon to scoop 1/2 to 1 teaspoon of cherry preserves into the indents of each of the cookies. Make sure that the preserves just fill the indent, and are not heaping out.
Bake both sheets at the same time until the edges are just starting to brown about 12-13 minutes for unchilled cookie dough, or 14-15 minutes for chilled cookie dough. I recommend switching the positions of the pans and rotating them halfway through baking time. Don't overbake.
Remove sheets from oven, and let cool on sheet for 5 minutes. Transfer to cooling racks to cool completely. Store in an airtight container at room temperature or freeze.
Notes
Add only ¼ teaspoon for a light almond flavor, or ½ teaspoon for a more pronounced flavor.