Click on the paint can icon to open the "Materials" dialog. In the upper right side, next to the right edge of the dialog, you should see an icon that looks like a small square with a diagonal line through it. The upper right of the square is white and the lower left is gray. Clicking on that selects the "default" material. You can then select whatever entities you want to change, and their material will be changed to the default.
If you just want to disable display of the material color, use the menu selection, View\Face Style\Monochrome, and all entities will be displayed with the default coloring.