Script to update the value of a choice field

On my SharePoint calendar I have a choice field called "status". The default value for this field is 'Pending Approval' and that needs to remain the default value.

I would like to update the status to "Approved" when an event is added through the default New Form in the calendar view. I already have a script which updates the "All Day Event" field and I would like to utilize the script to update the status as well if possible. How would I accomplish that? Below is the script I'm currently using.

<script type="text/javascript" src="https://ajax.googleapis.com/ajax/libs/jquery/1.2.6/jquery.min.js"></script>
<script type="text/javascript">
    _spBodyOnLoadFunctionNames.push("ready");
    function ready() {      
        setTimeout(function(){
            // checks All Day Event
            if (!$('span[title="All Day Event"] > input').attr("checked")) {
                $('span[title="All Day Event"] > input').click();
            }
            //hide check-box
            $('tr:has(span[title="All Day Event"])').not('tr:has(tr)').hide();
            //$('nobr:contains("All Day Event")').closest('tr').hide();
        }, 600);
    }
</script>

Try the code snippet below:

 <script src="https://code.jquery.com/jquery-1.12.4.js"></script>
  <script type="text/javascript">
  $(function(){

         setTimeout(function(){
            // checks All Day Event
            if (!$('span[title="All Day Event"] > input').attr("checked")) {
                $('span[title="All Day Event"] > input').click();
            }
            if($('select[title="status"] option:selected').val()!="Approved")
            {
               $('select[title="status"] option[value=Approved]').attr('selected', 'selected')
            }
            //hide check-box
            $('tr:has(span[title="All Day Event"])').not('tr:has(tr)').hide();
            //hide status row if needed
           //$('nobr:contains("status")').closest('tr').hide();
        }, 600);
    });
  </script>