cannot find audiobook I just purchased. amount was deducted from my account

What did you purchase it on ? If on a computer's iTunes then it should have downloaded into the Books part of your library (Audiobooks if using a Mac with Mavericks or Yosemite on it) ; if an iOS device then it should be in its Music app.

Note that audiobooks are a one-time only download, you should take a backup of it as you won't be able to redownload it without repurchasing it.

The same thing happened to me today. I have never used my iPhone to purchase iTunes but today I did. It's an audiobook. It doesn't show up anywhere. I do not have iMatch.

iTunes Match is for music only.

If you purchased it on your phone, and the purchase went through successfully, then it should be in its Music app - when you have audiobooks in the Music app you should get an Audiobooks tab at the bottom of the app, possibly via the More button. Does that show ? Or does it show in Settings > General > Usage > Manage Store (under the 'storage' heading) > Music (when there are audiobooks on your phone there will be an 'audiobooks' section there) ?

If you can find it then you can copy it over to your computer's iTunes library via File > Devices > Transfer Purchases menu option so that you can take a backup copy of it.

Thank you for taking the time to help me. I was able to find it. I will copy it over when i get to my laptop at home.