@Irafrank72,
Depends on the situation, what impacts your child or age of the child - what they did wrong, what is something that would have an impact...taking the phone away tends to have a huge impact on tweens and teens as this is their lifeline with their peers; for some kids just letting them know you are disappointed is enough; maybe having them write an essay about what they did wrong?
To me it has to be impactful - what will hit one kid will not another...one kid won't care if he needs to stay in the house all day, whereas another it would be a life sentence. What is important to your child that taking away or rewarding would impact them?