I need help making this journal entry. Made a down payment of 11,196.00 on 12/21/05 for liability insurance coverage from 1/1/06-1/1/07. Then making monthly payments of 5306.00 for 9 months. Do I treat this as a prepaid?

Thanks!
Let

Yes, treat is as prepaid. So each month it costs you $6,239 (5306 + 11196/12)