The ability to delete a given Accounting Transaction depends of the state of the document. You can only delete 'Draft' transactions. Otherwise you will be able to 'Cancel' the document or even sometimes you wont be able to change anything on the transaction.
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Once Draft Orders are deleted, you'll see a message in at the head of the list displaying "Deleted."
This action can be performed one by one, using the same menu on each Transaction you wish to Cancel.
Transactions which have been definitely closed (ie. Closed state) can't be cancelled. The only way is to create a reversal transaction: