Tracking borrowed items

Is there a way to track a specific items that are used for classes that are lent to a student while taking that class.

For example we run chair classes. Each student is given a chair to use for the term. It would be great to be able to assign a specific chair to a student in that class, so that teachers are able to record which chair each student has at the start of the class and then mark them as returned, so that it can be assigned to a new student for the next class.