owed, ode

Owed or owed is the past tense of "owe", meaning to be in debt to, or under an obligation to repay--
She owed me ten dollars, but she only paid back five.
I have owed him a letter for months now.

Ode or ode ( rhymes with owed ) means a poem. Ode once meant a particular type of poem, intended to be sung; now it more generally means a poem, or a poem expressing exalted feeling or strong emotion --
He has been trying to memorize "Ode on a Grecian Urn".
Don't interrupt him; he's composing an ode in honor of the Monday holiday.

Now that you know that, you can say--
"He offered the clerk his "Ode in Praise of Waffles", but the clerk said he still owed $11.50."

Note--not to be confused with "eau de" ( almost rhymes with owed ), French for "water of "--
If the eau de toilette is too strong, try the eau de cologne.

Note # 2--"-ode" may also be a suffix ( added at the end of a word ), meaning a path or way--
He still has an old television with a cathode ray tube.