delete preparing order(paypal std) from admin panel

[Gap30]

Presently using rc2a. In the admin pannel the old system allowed you to delete orders and add items back to inventory. Presently have a couple orders from sand box and 1 small order that i ran through to make sure that paypal was working correctly. How do I delete these bogus orders ? Do I have to adjust inventory counts to get items back in system?

 

Thanks

Greg