Cancelling an iPhone AppStore Application Install

Thought i’d write this if someone needs some assistance.
Iphone installations using the Appstore while it’s a magical experience, it freaked me out when i had tried to download a game that was over 240MB but i wanted to cancel it and can’t do it on the phone itself (at least for when i tried it). Even though it was on a WiFi i am not fitting my lil pocket rocket with that kinda sized app!
Anyway, to do this is simple. If you wish to cancel or delete a download happening in your Phone right now, simply go to your PC’s/Mac’s iTunes, plug in the iPhone and stop the download there, under the Downloads below STORE (see pic below). Click or Right click (on PCs) and say delete or something…and you’re done! And it will sync the action back to the phone and no more downloading baby!+