Trying to create a Log book

Hi!

I'm trying to create a logbook on excel to check items in and out. It's going to look like the attached image. Basically how I think it should work is that formula looks for if the item is present in the log book, it it's present then it checks the cell marked returned. if this says Yes then it's IN and if it's not then it says OUT, If the item isn't present in the log book then it says IN. But I can't make this work at all!

Any suggestions?Untitled.jpg