Formula based on the date that a certain cell was modified?

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I was wondering if it is possible to create a formula that changes one cell to a date when another cell was modified:

I have two columns I want affected: 1) Status, 2) Closed Date.

When the status is changed to "Closed" (it is a dropdown column), I want the closed date column to input the date that the status was changed to "Closed" on. For example, if I changed the status to "Closed" on 05/15, then the closed date column would have a formula that reads that I modified the status to "Closed" on 05/15 and would input 05/15 as the date on the Closed Date cell.

Is this a possibility?

Thank you.

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