Basic way:
For tracking the assets, create a table that has status codes (e.g. 'l' for lease, 's' for sold, 'd' for discarded etc) and add its primary key as foreign key in your equipment table.
Create customer table and lookup table that links customer's id to equipment id (one customer may have many machines but one machine can only be kept by one customer)
Sort of this way:
Code:
table: appliance
--/id = 1
--/status_id = 1
table: status
--/id = 1
--/description = 'on lease'
table: cust
--/id = 1
table: customer
--/id = 1
--/cust_id = 1
--/applicance_id = 1
Now when you need to find who has what, you query the lookup table by cust id and retrieve appliance ids which you then use to get appliance data.
For status, query should be rather straightforward since each appliance can have only 1 status at one time.
You can then update the lookup table when the appliance is returned for example.
Above is just quick example how you can do it so you may need to refine it but it shows you the principle. I think your professor must have misunderstood your question (or I am) and therefore couldn't give you an answer, or he shouldn't be doing his job.