Wiggly Pet Store had $6,000 of supplies at the end of October. During November, the company bought $2,000 of supplies. At the end of November, the company had $1,000 of supplies remaining. Which of the following statements is not correct?

During November, the company used $7,000 of supplies.

Supplies should be reported at $1,000 on the balance sheet.

An expense should be debited for $7,000 in November.

An asset should be debited for $1,000 in November.