Turn the power supply off for the entire home at the main disconnect switch. Turn on the flashlight and confirm there is no power anywhere in the house. Double check there is no power by touching the non-contact voltage detector to the wire's insulation.
Remove the four screws that secure the front panel on the home's electrical distribution box. Set the front panel aside.
Identify the 220 volt breaker that provided power for the dryer, marked on the front of the panel. Loosen the two terminals on the breaker with a screwdriver and pull the black and red wire out of the breaker.
Install a twist-on wire connector on the end of the red wire and wrap it in electrical tape. Fold it neatly into the side of electrical box. Do not run the red wire across the panel and avoid making any contact with other wires in the panel.
Pry the 220 volt breaker up from the outside then pull it out in the middle to remove it. Install the 120 volt, 15 amp, breaker into one of the locations from the removed larger breaker. Insert the breaker into the center of the panel, then push down the outside of the breaker until it snaps in place.
Loosen the terminal on the breaker and insert the black wire into it. Tighten the terminal back down and reinstall the panel cover. Open the switch to turn the power off for this breaker. Turn the power back on for the house. Touch the non-connect voltage detector to the black wire's insulation to double check the power is off for the circuit on which you are working.
Remove the dryer outlet's cover with a screwdriver, then remove the screws to remove the outlet from the electrical box. Loosen the terminals and pull them out to disconnect the power wires to the 220 outlet.
Install a twist-on wire connector on the end of the red wire and wrap it in electrical tape.
Loosen the brass and silver terminals on the 120 volt outlet. Insert the black wire into the brass terminal and tighten it down. Insert the white wire into the silver terminal and tighten it down.
Loosen the grounding screw in the back of the 220 volt outlet's electrical box. Wrap the green or bare wire around this terminal and tighten it down.