Applying effects to audio is exactly the same as applying effects to vision.

Find the effect you are after by looking through the Effects tab (Audio Effects) in the Project panel, then drag and drop the effect onto the audio file on the timeline that you wish to manipulate. 

Once you have placed the effect onto the desired audio file, double click that file to populate it into the Source panel and select the Effect Controls tab.

From here you will be able to manipulate the associated variables for that effect.

If you decide you do not want to use the effect, you can simply deselect the fx box next to the effect name, or select the effect name and press the delete button on your keyboard.

When you patch your mic sources into the camera (boom mic to Input 1, on-board mic to Input 2) you are recording two separate mono audio sources.

In Premiere the two mic sources will look like the image to the left (levels will be dependant on how you set them to record). One source will come out the left channel, the other, the right channel.

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