LOL, spraying lube on your belt and pulleys? Old time mechanics dribbled soapy water on noisy belts to determine if it was the belts or the pulleys squealing. It's kind of messy, you don't want to be standing in line with the pulleys. Spray belt dressing is a much more civilized way. If it's a belt squealing, you should get a momentary increase in squeal followed by quiet. If it's a bearing, you should get no change.
If you did get lube on your belt and pulley, the soapy water can clean it off. If you replace the belt after getting lube on it, make sure you clean the pulleys.
If your pulleys are not aligned you can usually see it visually, maybe use a straightedge to visualize the alignment. Smooth pulleys don't need to be aligned, but grooved or V pulleys do.