correctable error or not?

[spivo]

A buddy and myself officiated a jv game, afterwards we hung around to watch the varsity action. The boys game was very intense and a lot of hustle was was going on. The officials did a professional job. But, toward the end of what was a very close game, something happened that I am not sure about. Here's the situation; Team A is ahead by 1 point and A2 is fouled on the opponents end. Team A is in the bonus so they are shooting the 1 and 1. The officials take team A to their basket for the 1 and 1. The time on the clock before the first try is 11.4 seconds to go in the game. The lead official steps into the lane and informs the players verbally and with hand signal a 1 and 1. A2 shoots the first throw unsuccessfully and B3 rebounds the ball and the clock is started. The lead steps in and takes the ball from B3 as if A2 has another try. Keep in mind that no violation was called during the first try. The trail official blows the whistle to stop the clock at 7.9 seconds. They talk about the play at midcourt and decide to give the ball to Team B at the baseline. Which I believe is the correct call. But, no time was put back on the clock. My question is, should they have put a second or two back on the clock or let the clock stand at 7.9 seconds? Your replys will be appreciated!