Yes. To do this, select the cell(s) that you would like to apply the formatting to. Then right click and choose, "Format Cells". The option you are looking for is under the number tab. Choose the "Time" subcategory and then choose your favorite option. The hh:mm format is represented as 13:30.
right click on Column Name and choose format cells. A window pops up. Choose Number tab and in this taba list for categoires will be displaye. In the list choose Time. Choose Type corresponding to hh:mm