Seems I have a different interpretation of the requirement.
I think that your table needs a field you can use to identify what has been checked out. While you could use a Yes/No, T/F checkbox field, I think a ChkOutDte is a better option if you have multiple records in this table for any given piece of equipment. If a record has a checked out date, but not a ChkInDte, then it's out. If there's a checked in date, it's back. This way, you'd have a history.
If it's one record per item, then a status field (basically what I was referring to above) may be sufficient. Unless you have other tables that provide a loan history for an item, there's no history just using a checkbox field. You can tell what's out, but not how often or anything about duration.
Regardless, once you have this field, you include it in the rowsource sql or query that populates the combo so that it doesn't list items that are out on loan.
The more we hear silence, the more we begin to think about our value in this universe.
Paraphrase of Professor Brian Cox.