What model of camcorder is your original video coming from and what format and resolution is it?
When you started your Premiere Elements project, which project settings did you select?
Along with the answers to Steve's questions, which Audio Tracks are those Clips (all of them) residing on?
Some users have had Audio issues with the Soundtrack and Narration Fixed Audio Tracks - not always, but too often to ignore.
The "fix" in most of those cases, has been to locate music, narration, etc., onto the "regular" Audio Tracks.
Steve - We're actually stitching together MOV files from an I-phone with still shots from cameras to make the video. Settings DV standard 48khz NTSC editing mode at 29.97fps.16bit audio with a sample rate of 48000s/second. 3 tracks.
As to your question Bill - the audio track that does not record is the one embedded in the video from the i-phone. The other tracks I added into the narration and the soundtrack areas are coming through clearly on the recorded file. - Mitch
You are using the wrong project settings.
Start a new project using the project settings for a Flip HD camcorder. iPhone video does not edit well in Premiere Elements, but that project setting is as close you'll get to it.
Also, as you're editing, go to the View menu and open the Audio Mixer so that you can monitor the audio levels on each of your video tracks. It may also be that your iPhone video's audio is there but that it's at such a low level that you can't hear it behind the music.