Let $R$ be a commutative ring with unity. Let $U \subseteq R$ be a multiplicatively closed subset. Recently, in my Algebra I class, we learned about the localization $U^{-1} R$. We constructed this as a set of equivalence classes in $R \times U$, viewing the pair $(a, s) \in R \times U$ as $\frac{a}{s} \in U^{-1} S$.
My question is: Can $U^{-1} R$ also be constructed as $\newcommand\quotient[2]{{^{\Large #1}}/{_{ \Large #2}}} \quotient{R[x_s \ : \ s \ \in \ U]}{\langle s x_s - 1 \ : \ s \ \in \ U\rangle}$? Certainly, there is a natural homomorphism $$ \varphi: R \to \quotient{R[x_s \ : \ s \ \in \ U]}{\langle s x_s - 1 \ : \ s \ \in \ U\rangle} $$ such that for every $s \in U$, $\varphi(s)$ is invertible. Hence, by the universal property of $U^{-1} R$, there is a unique homomorphism $\overline{\varphi}$ such that the following diagram commutes: $$ \begin{array}{ccc} R & \varphi & \\ \downarrow & \searrow & \\ U^{-1} R & \rightarrow & \quotient{R[x_s \ : \ s \ \in \ U]}{\langle s x_s - 1 \ : \ s \ \in \ U\rangle} \\ & \overline{\varphi}& \\ \end{array} $$ The question is now whether $\overline{\varphi}$ is an isomorphism.