Thanks for reaching out to the Community,srikamatchi.
Deleting your QuickBooks Online (QBO) company file is pretty easy but will depend on how days old your file is. If your company is less than 60 days old, you can delete your company data. This won't cancel your QBO or payroll subscriptions so you can start your books from scratch. If your company is 60 days old or older, you'll have to cancel your subscription. You'll only be given read-only access so you can still view your data for a year. After that, the system will automatically delete your account.
I suggest in deleting entries is to consult your accountant in reviewing your account and performing the formal closing process to ensure that everything is accurate.