for some reason the Item record wont show the assigned accounts under Accouting even in edit mode. any clue why?

Is it a matrix subitem?

nope, just a regular inventory item

Is this happening with all of your items or just some? Maybe the accounts fields are hidden on the form being used, so maybe take a look at the form.

wait it is a matrix item. a matrix subitem

Can you tell what kind of matrix subitem it is? Some item types do not show all the accounts fields.

Well my main question is on a cash refund that this item is on the system debits the wrong account

If it's a matrix subitem you'd update the accounts on the parent item and then update the matrix to apply it to the subs. If this subitem should be different from the parent (and the other subitems) you can do a CSV import to update the accounts on the subitem