I am so disappointed in my son right now,, I just had a 15 minute cry,, now what to do?

I got a call from the teacher, someone had stolen a juice box from another child's lunch. She questioned everyone and my son said that another girl had taken it a put it in his desk. The other girl was adamant that she didn't (but has stolen things in the past.) My son was in trouble because the teacher has asked all day about this and he didn't come forward until late in the afternoon, juice box in hand.
I had a very bad feeling about this, he begs for juice in his lunch all of the time, but we prefer him to drink milk,, so when she finally called me, I said put him on the phone, I said you know how at the convient mart they have cameras? He said yes,, I said well you have them in your classroom, and I asked the principal to review it,, so good thing you told who did, it,, he burst into tears, and confessed.
Now I have 2 problems, he stole, and he lied about someone ELSE doing it, he was the person of the week, (been revoked) No playtime, and no field trip tomorrow. I plan on taking away cartoons for the next 2 weeks, and some other things, but mostly am just sad that he would do such a thing.
ANY ADVICE before (or after) I go get him would be helpful,, (he just turned 7 if that helps)

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