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In this Excel 10 tutorial, the presenter demonstrates how to add and remove strikethrough formatting in Microsoft Excel. To apply strikethrough, select the desired cells and click on the arrow button to access the "Format Cells" dialog box. Under the "Effects" section, check the "Strikethrough" option, click OK, and the selected cells will display strikethrough. To remove the strikethrough, repeat the process, unchecking the option before clicking OK. The tutorial emphasizes the simplicity of this function, encourages viewers to subscribe, and mentions a playlist for learning Excel VBA.