What type of entry is made for correcting transactions after the financial period has closed?

The correct choice is adjusting entry. This type of entry is specifically designed to correct errors or update transactions that were recorded in the wrong accounting period after the financial period has closed. Adjusting entries are essential for ensuring that financial statements reflect accurate and current information, as they help to align the actual state of accounts with what is reported.

Adjusting entries are typically made for accrued revenues and expenses, deferred revenues and expenses, and inventory adjustments among other scenarios. They are crucial for adhering to the accrual basis of accounting, which requires that financial transactions be recognized when they occur, not necessarily when cash changes hands.

Other options, such as standard entries, are common transactions recorded during the accounting cycle but do not specifically address the need to correct prior errors after a period has ended. Historic entries do not follow current accounting standards, focusing instead on past transactions without making necessary corrections for the current period. Reversal entries are typically made to cancel out specific accounting entries but are not used generally for correcting prior period transactions. Therefore, adjusting entry is the most suitable choice for addressing corrections in financial statements after a period has closed.