Hello there, @peasinapod.

Yes, Journal entries will be in a Profit and Loss report.

It will directly hit your account. Thus, it will show on the report on either a cash or accrual basis. 

I'm adding this article as your preference in viewing the Transaction Journal report. It provides a view of the amount and accounts not visible in the transaction created.

Don't hesitate to let me know if you have questions about Journal Entries. I'm always here to help. Have a great day.