cancel each other out
Of two things, to negate or offset one another. Because my husband and I support different political parties, our votes for president always end up canceling each other out. Neither team has an advantage in net—they both have stellar goalies that ultimately cancel each other out.
cancel each other out
[for the opposite effects of two things] to balance each other. The cost of the meal you bought and what I owed you cancel each other out, so we're even. They canceled out each other.