Set a text field value based on a button click then save the item to the list?

Hi Guys,

In our custom edit form we have 2 buttons namely Submit and Update. If we click Submit, STATUS should be set to Submitted and then save. Otherwise, if theUpdate button was clicked, STATUS should be set to Submitted and then save. By the way, STATUS is just a single line of text field residing on the custom edit form. I know this can be achieved by placing JavaScript in the button. Can you guys refer me what should be the correct code for this?

Thanks in advanced,

Arnel