Fit the drywall to the studs with the first sheet's edge flush with the outside face of the stud on its side. Screw it to the studs using the fasteners and spacing required by your local building code, which varies from community to community. Fit the second sheet, overlapping the first, so that its end is flush with the outside face of the first sheet.
Scoop drywall compound into a knife trough and scoop out a small amount with a 6-inch-wide drywall knife. Fill the seam between the two sheets of sheetrock with drywall compound from the top to the floor. Spread a thin layer of compound on the opposite face of the corner as well to help to adhere the corner bead.
Measure and cut a metal corner bead to fit from the floor to the ceiling. Press it into the wet compound. Drive one 1 1/4 inch drywall screw through the bead every 8 inches along each edge with a cordless drill. Run in the screws until the heads are flush, but do not pucker the metal. If you do, back up slightly and press the folded metal down with a flat chisel.
Apply compound to the bead with horizontal strokes from either direction, filling the valley created by the tapered ends of the two sheets of drywall, so that the compound is even with the face of the sheetrock about 4 inches back from the corner. Allow this coat to dry completely.
Fill any rough areas in the first coat with a thinner top coat of compound using the same horizontal strokes to create as smooth a surface as you can. Allow this to dry overnight. Sand the compound smooth with a sheetrock sanding screen on a long extension pole to finish it for painting.