The 'Cancel Payment' feature will absolutely abort only the charge, but the trial subscription will still be ongoing until it expired.
1. Before making the changes, the Payment Status is 'Scheduled'. Click on the 'Edit' button to pop-up another page.
2. Once the pop-up page appears, click on the 'Cancel payment' button at the bottom right side of the page. Then, confirm by clicking 'OK' button.
3. Once applied, the Payment Status in the Subscriptions tab and Payment Details summary will be changed to 'Reversed' which indicates that there will be no future charges. However, the status next to the amount is still on 'Scheduled' as the trial is still ongoing until it expired.
4. On the 'Billing Summary' tab, select 'Ledger' and it will show the summary of the transaction that has been reversed the charges for.