240v to 120v

I have a 240v double pole breaker that was dedicated for an air conditioner. It had 3 wires going to it running through the wall - neutral, hot and ground. The air conditioner is now gone. I want to change this 240v outlet to a 120v outlet. I want to make sure that all I have to do is take out the double pole breaker and put in a single pole 120v breaker. If I understand correctly, I'll just have one empty slot in my electric panel. Is that all there is to it?