What is the right course of action?

You gave the correct answer by choosing to allow the motorcycle to pass first and taking priority before the bus.

Here's why:

The traffic sign visible on the right is a "Yield" sign, so you must give way to other road users who do not have to yield.

The motorcycle on the left is coming from the right side with right of way because you have to yield, so you must let the motorcycle pass first.

After the motorcycle passes, you can proceed before the bus because the bus is on your right. Normally, vehicles from the right have priority unless otherwise indicated. But since you already yielded to the motorcycle, the bus must wait for you because it is turning left, and you are going straight or turning right.

Remember, the yield sign means you must give way to all traffic from other directions before you proceed.

This understanding of right of way and priority at intersections with yield signs will help you handle similar situations correctly in the future.