Apostrophes show ownership and create a contraction.

Yes, that's correct! Apostrophes serve two main purposes in the English language:

1. **Showing Ownership**: When indicating that something belongs to someone or something, an apostrophe is used. For example:
- Singular possession: "the cat's toy" (the toy belonging to the cat).
- Plural possession: "the dogs' park" (the park belonging to multiple dogs).

2. **Creating Contractions**: Apostrophes are used to indicate where letters have been omitted in contractions. For example:
- "don't" (do not)
- "it's" (it is or it has)
- "you're" (you are)

Keep in mind that "it's" (with an apostrophe) means "it is" or "it has," while "its" (without an apostrophe) indicates possession.