If you are in the month view on the calendar, you can long press on a time and date to enter an event. Google will fill in some of the blanks based on past history. The update is in the Google Play Store and is free, just waiting for you to install it. It is not an earth shattering update, but it does make life a little easier for Android users.
source: GoogleCalendar, Lifebacker via MobileSyrup