Lay individual wonton wrapper on a flat surface. In the middle of each wrapper, spoon 1/2 teaspoon of jam and one cube of cream cheese. Lightly moisten sides of the wrapper with water. Gather all corners to the middle to cover filling and to form a packet. Press edges together to completely seal.
In a pan over medium heat, heat about 2-inches of oil. Add the wontons and deep-fry for about 2 to 3 minutes or until golden and crisp.
Remove the wontons from pan, and drain on a wire rack set over a baking sheet. Lightly dust with powdered sugar.
Notes
Depending on size of pan, cook in batches. Adjust temperature if wonton skins are over-browning before fully crisp. To easily dust with powdered sugar, use a flour sifter or a fine mesh sieve.