Loosen and extract the molly bolt from the bracket using a screwdriver.
Insert the tip of a utility knife into the perimeter edge of the molly base to cut through the drywall's surface paper and score into the drywall. Work slowly around the metal base, pushing the knife tip deeper and deeper as you work around the base until you have penetrated approximately 1/4 inch into the drywall material.
Place the tip of a screwdriver against the molly base over the screw hole and gently tap the screwdriver with a hammer. The molly base will begin to push in and puncture through the drywall, leaving a clean-edged circle where the molly base had been.
Apply a small dollop of lightweight spackle to the drywall hole using a putty knife. You may have to apply spackle to fill one side and allow the spackle to dry before applying more to completely fill the hole.
Allow the final application of spackle to dry thoroughly. Use a small sanding block or piece of sandpaper to smooth the spackle flush with the wall surface.
Paint the spackle patch, as necessary, to match the existing wall color.