Clock starts early

[slow whistle]

Just talked to a fellow official who had this happen to him over the weekend. Team A shooting 1 FT, down by 2 points with 0.7 seconds left. Shot bounces off back of rim, as soon as it is touched by A2, horn goes off. Clearly (as described by him) the clock started early, but nobody saw exactly when it started. Rightfully they ended the game.

My question is what do you do if you see the clock start as the shot is in the air? If you blow your whistle while the ball is in the air and the shot is made, I assume you would give it to team B with 0.7 on the clock and an endline throw-in? If the shot is missed, am I correct to assume that you would put 0.7 back on and go to the arrow?