In order to properly adjust the tension on V-belts (the style most c ommonly found on 123s and 126s and other models), MB (as well as Volvo, Porsche et al.) recommend by name the "krikit" belt tensioning device. It is made exclusively by the Gates Rubber Company in Denver, the same Gates that make hoses and belts. To get one, call your local Gates retailer (NAPA etc.) and order tool # "91107", cost-about $18.
Start with the power steering pump and get a 13mm socket, and a 3" extension, also have a 13mm box end (a wratchet wrench preferably). Look on the face of the pump, you will see three 13mm bolts facing front. Hold them with the box end, and get the socket on the back side of each bolt and loosen. On the machined edge just below the cap for the pump you will see a single nut facing up - that is the tensioner bolt.
For the A/C compressor, you will need a 17 or 19mm, not sure exactly I used a box ratchet wrench and sockets. There are three bolts holding it, they face the back of the engine. On the back side of the compressor, you should also loosen the metal clamp holding the refrigerant lines to the frame of the car. That bolt should be 13mm. Once all four of those are loose, on the front of the compressor is a strap with a nut on the end, and you adjust the nut to gain or reduce slack.
For the alt/wp belts, you will need that 17mm box wrench again, and loosen from the back of the alt three 17mm bolts you find back there. Then on the bracket holding the alt to the block of the car, you will see a funky long nut on a threaded rod sticking out of the top bolt on the alt. You should immediatly soak it in PB Blaster rust penetrant or aero kroil. Let it soak for an hour or so, to help prevent damage - to replace it is like $50. Once you are sure it's free, loosen it, and adjust the belts. Keep in mind that random parts stores don't stock the correct belts... they stock "close" belts... they will slip. go to the dealer or an import parts store and get the correct metric belts! It's a matter of around half a cm!