White balance memory modes A & B are for automatic white balance via a white or gray card; they allow you to set and save two different custom white balance settings. The camera will analyze existing light sources in the scene and adjust the red, green & blue channels to achieve white, thus recorded colors will be accurate to that particular lighting situation.
The C300 also allows for preset color temperatures of 3200 and 5600. The 3200K setting is based on the color temperature of tungsten lamps, while the 5600K setting is based on the exterior color temperature in sunlight. Technically, the color temperature outside can change with the location's relationship to the arc of the sun and cloud coverage, but 5600K is often considered the standard daylight temperature.
In addition, the C300 & C500 also have a custom white balance setting, allowing the user to dial in a specific temperature in Kelvin.
Watch my video for a step-by-step explanation of this process and check out our upcoming Canon C300/C500 workshop to learn even more!