Source : Webster's Revised Unabridged Dictionary (1913)

Owe \Owe\, v. t. [imp. & p. p. {Owed}, ({Ought}obs.); p. pr. &
   vb. n. {Owing}.] [OE. owen, awen,aghen, to have, own, have
   (to do), hence, owe, AS. [=a]gan to have; akin to G. eigen,
   a., own, Icel. eiga to have, Dan. eie, Sw. ["a]ga, Goth.
   ['a]igan, Skr. ?. ????. Cf. {Ought}, v., 2d {Own},
   {Fraught}.]
   1. To possess; to have, as the rightful owner; to own. [Obs.]

            Thou dost here usurp The name thou ow'st not.
                                                  --Shak.

   2. To have or possess, as something derived or bestowed; to
      be obliged to ascribe (something to some source); to be
      indebted or obliged for; as, he owed his wealth to his
      father; he owed his victory to his lieutenants. --Milton.

            O deem thy fall not owed to man's decree. --Pope.

   3. Hence: To have or be under an obigation to restore, pay,
      or render (something) in return or compensation for
      something received; to be indebted in the sum of; as, the
      subject owes allegiance; the fortunate owe assistance to
      the unfortunate.

            The one ought five hundred pence, and the other
            fifty.                                --Bible
                                                  (1551).

            A son owes help and honor to his father. --Holyday.

   Note: Owe was sometimes followed by an objective clause
         introduced by the infinitive. ``Ye owen to incline and
         bow your heart.'' --Chaucer.

   4. To have an obligation to (some one) on account of
      something done or received; to be indebted to; as, to iwe
      the grocer for supplies, or a laborer for services.

Owing \Ow`ing\, P. p. & a. [Used in a passive sense for owed
   (AS. [=a]gen. See {Own}).]
   1. Had or held under obligation of paying; due.

            There is more owing her than is paid. --Shak.

   2. Had or experienced as a consequence, result, issue, etc.;
      ascribable; -- with to; as, misfortunes are often owing to
      vices; his failure was owing to speculations.

Source : WordNet®

owing
     adj 1: owed as a debt; "outstanding bills"; "the amount still
            owed"; "undischarged debts" [syn: {outstanding}, {owed},
             {owing(p)}, {undischarged}]
     2: owed as a debt; "must pay what is owing"; "sleep owing to
        you because of a long vigil" [syn: {owing(p)}]