When I try to make a square shape layer and adjust the path to 500x500 I still get a rectangle. Same with a circle. Also,my comp is 1920 x 1080 but the default rectangle layer is 2560x1080. Please see attached images. I am working in CC2015 and when I tried to upgrade, CC said I was up to date... Any help is greatly appreciated!
Do you see the word Custom in your composition settings? Unless you are an expert in video formats, frame sizes, compression and all things related to video you should never see that. You should always use the standard presets. The thing that is fouling up your composition and the creation of your shapes is the pixel aspect ratio that you have set. It's entirely incorrect for that frame size.
Either spend some serious time learning about frame rates, frame sizes, pixel aspect ratios and video standards, because video, unlike still photography, has a specific set of rules you must follow if you are going to get predictable results or use the default presets that come with AE. To fix your problem just pick HDTV 1080 29.97 from the list of formats then try again.
Thanks, I figured it out a few minutes ago!