I am baking two 8" round white cakes (scratch) that should be baking at 350 and when i went to check on them after 20 min. i found that the oven had been turned down to 305.

is there any recovery possible????

I'd say turn up the heat and see what happens!
Watch the time to make sure you don't overbake it now. Hmmm, let us know what you did.

it should still bake okay. i bake all my cakes on 300 to 325 i wouldn't turn the temp up while the cake was in there, i would just leave it in longer