Do I need to write any kind of description or just the spell name. How do I know if I need to mark the "prepared" bubble or not? Also, to clarify, I write my first level spells in the first spell level slot. Furthermore, I'm not sure what I'm supposed to write in the "Slots total" part of the spell level bars.
Up to you. A character sheet is not exactly a legal document. You could write down your spell attack bonus/saving throw and how much damage or healing it's supposed to do. Otherwise you could just rely on your books to outline how the spell works or even buy spell cards which contain the text of the spell.
Slots total is the number of spell slots you have available based on your class levels. If you are a single class character, look at the spells per day column in the table for your class and match it up with your character level. For a level 1 full spellcaster like a cleric for example you will have 2 spells per day.
Since you've specified a level one sorcerer, look at this página. At level 1 a sorcerer can cast two level 1 spells per day.
Also, for a sorcerer, spelss known and spells prepared are the same thing. You will know 4 cantrips and 2 spells at level 1 and they will be prepared at all times.