No. Some transactions affect only balance sheet accounts. For example, when a company pays a supplier for goods previously purchased with terms of net 30 days, the payment will be recorded as a debit to the liability account Accounts Payable and as a credit to the asset account Cash. (No revenue account or expense account is involved.)

Another example of a transaction affecting two balance sheet accounts and no income statement account is a deposit for future services. The payer will debit the asset Prepaid Expenses and will credit the asset Cash. The company receiving the payment will debit Cash and will credit a liability account such as Customer Deposits, Unearned Revenues or Deferred Revenues.

Adjusting entries are a classification of accounting entries that will affect a balance sheet account and an income statement account.