David P. answered 03/25/19
Experienced photographer, cinematographer, actor, and VO talent
Generally, each scene will be shot separately. The actor being filmed speaks their lines, and someone off camera will read the other side of the conversation. The scene of the other actor on the phone may be shot on a completely different day (usually shot be needs for set/location) using the same method. In post, the two sides are pieced together with EQ for the phone being added as needed for whichever actor is off-screen for any portion of the conversation.
For a scene where the person on the other end of the phone is not seen, the actor's side still follows the same method as above but the other side is done in a studio and added in post.