Where's water shut off valve? Next to water heater or water meter?

I hear pipes knocking after one of the toilets is flushed in our house. I plan to shut off the main water valve, let the faucets run, flush the toilets, then slowly turn the water back on to refill air chambers and see if that solves the problem.

The problem is, I found a red ball valve on a pipe coming out of the water heater into the house but also have a water service utility box sunk in the ground where lawn meets the street.

Which is correct (assuming the ball valve will turn, or that I can open the utility box)?

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