MS Excel
You can edit a cell by

Selecting Edit > Edit cell from the menu
Double clicking the cell to edit it in place
None of these
Clicking the formula button

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MS Excel
If you need to remove only the formatting done in a range (numbers and formula typed there should not be removed), you must

Double click the Format Painter and then press Esc key in keyboard
Click on Remove Formatting tool on Standard Toolbar
From Edit menu choose Clear and then Formats
From Edit menu choose Delete

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