Correct spelling, explanation: the word recipe is derived from Latin recipere. It was also used in Middle French as recipe. First, the word was used by physicians at the head of prescriptions. Then since the 18th century, the meaning referring to instructions for preparing food has been applied. It clearly shows that the only correct form is recipe, not receipe.

Definition of recipe:
noun, instructions for preparing something, especially food dishes,
She doesn’t use recipes but she cooks very well.
If I had read the recipe carefully, I would have baked a delicious cake.

Phrases with recipe:
a recipe for disaster,
Getting no sleep before the test is a recipe for disaster.
a recipe for success,
Her recipe for success is to work hard.

Incorrect spelling, explanation: the word receipe is incorrect and it does not exist in English. It may be confused with the word receipt referring to something that is being received. Interestingly, these both words come from one Latin verb recipere, meaning to receive or take. Moreover, the word receipt was used with the same meaning, in which now we use the word recipe. However, receipe is a misspelling and the correct form is solely recipe.

Incorrect spelling

Incorrect spelling

Incorrect spelling