Okay, then you DO have 4 wires. From your post I took you to only have 3. Yours is 3 PLUS Ground. Red n Black Hots,,,,,,,White Neutral,,,,,,Bare Ground
THEREFORE thats enough for 120 and 240 OR you can just use two legs of 120 volt and YES share the Neutral........
YES the common white Neutral serves as the return for BOTH 120 volt supplies and as a matter of fact if both loads were balanced then the Neutral current would be ZERO as the two phases are 180 opposite from each other.
If youre just gonna run a couple 20 amp circuits out there and the total distance is under 75 or so feet, then I can backpedal on my post above and say 10 Gauge will work. I was thinking you were gonna feed 30 amp circuits when I suggested 8 gauge.
You can buy that gray colored 10/3 PLUS Ground (4 wires total) UF direct burial rated cable thats not too costly
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