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In this Excel 10 tutorial, the instructor demonstrates how to add and remove strikethrough formatting in Microsoft Excel. To add strikethrough, the user selects the desired cells, clicks on the arrow button to open the "Format Cells" dialog box, and checks the strikethrough option under the "Effects" section before clicking OK. To remove the strikethrough, the user can repeat the process, unchecking the strikethrough option. The tutorial emphasizes the simplicity of this function, encourages subscribers, and mentions a playlist for learning Excel VBA.