need some help

hey guys, so long story short i went riding yesterday with a bunch of guys, some on 4×4 and some 2×4… one got stuck in a strong current river and i was ahead of him so i had to pull him out… when pulling him out, my tires were spinning a bit, and i saw some black smoke or what seemed like black smoke, i smelled a burnt odor, and when i left off the throttle i heard a screeching noise.. i was in H not L.. rode for the rest of the day, washed the bike and just took it apart and took a look inside the belt case, i didn’t see much, the belt looked ok, but i did smell the same burnt odor from the belt, so i cleaned everything in there with air compressor, and replaced the belt with a factory one. the belt that i replaced doesn’t really look beat up or torn.. do you think i did the right thing in replacing it, because this isn’t the first time i hear the screeching noise when i spin tires when pulling someone. what do you guys think that smell was and that noise?