Hey. Well, it is used for contractions, yes. "It is" becoming "it's".
Also to denote ownership, or possessive nouns. "That's John's bike". Not a contraction in that case, just the rule for ownership, John owns the bike.
The apostrophe coming afterward is when there is a plural, using ownership -- or if it is a name that ends in "s" anyway.
For instance: No no, it's Jesus' bike.
Or if it's a possessive plural: "Those are the bikes' attachments". There are multiple bikes, and the attachments belong to them.
"The Johns' Bar" would be correct if 2 or more people by the name of John owned the bar. If there is only one John who owns the bar, it's John's bar.
Clear as mud?
PS: I have no clue, I'm making it up as I go

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