Tap the small hole with a hammer to sink it slightly below the drywall's surface. Use the edge of a 1 1/2-inch putty knife to scrape away any raised areas around the dent.
Scoop spackle out of the container with the 1 1/2-inch putty knife. Push the spackle all the way into the dent. Spread the spackle over and around the indented drywall. Allow the spackle about two to three hours to dry fully.
Sand the spackle smooth with the surrounding drywall's surface using a sanding sponge. Wipe the spackle with a tack cloth. Apply a second layer of spackle if necessary.