Is "Take out the yellow trash can" correct in American English?

Hi,
On a specific day, I have to place a yellow trash can in front of the house. I'm looking to label this event on the calendar in American English, as it involves putting out the container for garbage rather than the waste itself, and I believe 'trash can' is the most appropriate term. Is that correct?

Yes, it's fine. "Take out the trash" is also understood to mean putting the receptacles out for collection. Nobody is going to think you just dump the garbage on the curb and bring the can back in.

We usually shorten full sentences for diary/calendar entries. I'd use "Yellow bin out" (BrE). Note that I'd use "yellow" only if there are bins of other colours that go out on other days.
In AmE, I imagine "Yellow trash can out" would work and, if the colour doesn't matter, just "Put trash out".