Using The Quick Editors
Rather the opening the view Item Editor, you can modify the currently selected row using the quick editor dropdown menus. This way your more commonly used fields can be modified much faster.
The quick editor menu options will vary form each view but the principle of operation is the same

You change easily change the status of a record using the Quick Editors as follows:
First of all select the row you wish to edit, then you simply select the "Status" drop down button from the "Quick Edit" Group.

You can see that all the available status text is listed on the drop down. Simple select the new status test you wish to apply.
In this case we are going to select the "On Hold" status.

You can see that the status has now been updated.
TIP:
When any changes are made to any of the register's, an entry will be made in the records journal, which can be viewed in the bottom area of the screen

This entry will be made no matter how the field is modified.