How do you record this transaction? Do you need to do an adjusting entry at this time or at the end of the year? Would I debit prepaid insurance and credit cash? What does the comment below mean about considering the time period to which this expenditure applies?

December No 29 Issued check for $4,200 to First Security Insurance for the premium on Waren's six-month liability insurance policy. The policy period runs from December 1, 2017, to June 1, 2018. Remember to consider the time period to which this expenditure applies