There actually is not a way to delete a blog entry. To make the entry not show on your blog, you should set that entry to inactive.
1. Under 'Blog' choose 'Add/Edit Blog Entry'
2. Choose the entry you would like to take off your site from the drop down menu. Select the blog the entry is located in, and then select the entry.
3. In the third form field 'Blog Entry Status' choose 'Inactive'
You can always just write over the particular entry with a new entry at anytime.