Clean the area around the hole
Remove loose drywall and debris
Cut a drywall patch to fit the hole
Place backing support behind the hole if needed
Secure the patch with drywall screws or adhesive
Apply joint tape over the seams
Spread joint compound over the patch
Let the compound dry completely
Sand the area smooth
Apply a second coat of joint compound if needed
Sand again until flush with the wall
Prime the repaired area
Paint to match the wall