Panning is the distribution of a sound signal (either monaural or stereophonic pairs) into a new stereo or multi-channel sound field determined by a pan control setting. Audio mixing software replaces pan pots with on-screen virtual knobs or sliders which function like their physical counterparts. ----- so if you set panning to the right side, then you will more sound go to the right side than left - vise versa.
EQ (or equalization) in music is the process of changing the balance of different frequency components in an audio signal. Our ears can detect a huge range of frequencies—roughly 20 Hz to 20 kHz. EQ is the the tool you use to manipulate the frequency content of your mix so that everything is balanced and clear. ----- So you have high, mid, and low. For Online sequencer though:
High:
Turned up - Treble sounding
Turned down - Calm, soft, warm, etc sounding
Mid:
Turned up - texture of sound moves up and is louder and can be muddy
Turned down - texture of song is not muddy and has no taste that much
Low:
Turned up - Bass of sound is higher
Turned down - Bass of sound is softer
Fun fact: parrots can only hear 200hz to 8.5khz, and hear everything about 30db quieter. Thats also why parrots are so loud. If you are mixing music for parrots make sure its sligjtly faster, higher samplerate, and no instruments play below 300hz (200 is the lowest they can hear but its very low for them)