Although already over a year old, I stumbled across this question a couple of times on other Google search and I believe I can improve on the previous answer for the benefit of others.
Short answer is you cannot combine both action in one line, but you can create a chain that does what you want and then call it in a one liner.
Let’s create a chain to log and accept:
iptables -N LOG_ACCEPT
And let’s populate its rules:
iptables -A LOG_ACCEPT -j LOG --log-level 6 --log-prefix "INPUT:ACCEPT: "
iptables -A LOG_ACCEPT -j ACCEPT
Now let’s create a chain to log and drop:
iptables -N LOG_DROP
And let’s populate its rules:
iptables -A LOG_DROP -j LOG --log-level 6 --log-prefix "INPUT:DROP: "
iptables -A LOG_DROP -j DROP
Now you can do all actions in one go by jumping (-j) to you custom chains instead of the default LOG / ACCEPT / REJECT / DROP:
iptables -A <your_chain_here> <your_conditions_here> -j LOG_ACCEPT
iptables -A <your_chain_here> <your_conditions_here> -j LOG_DROP