Inspect the holes in the wall. If there are any jagged edges around it, carefully trim these away with the utility knife.
Put some joint compound on the end of a putty knife. Holding the knife at a 45-degree angle, apply the joint compound to the wall. Press firmly so the compound fills the hole, and then hold the knife as vertically as you can and scrape over the area again to get any excess joint compound off the wall.
Wait for the joint compound to dry. The time required will vary, depending on the brand, indoor temperature and humidity.
Inspect the holes, and run your hand over them. If the joint compound has shrunk, and there are any indentations where the holes were, apply a second layer of joint compound and wait for it to dry.
Lightly sand the area with a sanding sponge to smooth out any rough areas or high spots. Close your eyes and run your hand over the area. It should feel smooth and seamless. If it isn't, continue sanding until you get the desired results.