Cannot access iTunes Store from iPhone 4. Message says 'Your iTunes password was incorrect. Please try again'. I have tried resetting the password on my macbook

Cannot access iTunes Store from iPhone 4. Message says 'Your iTunes password was incorrect. Please try again'. I have tried resetting the password on my macbook. What should I do?

I'm having the same problem as well.  I use keychain access often to remind me of my passwords and was happy (initially) to see one for "iphone backup".  When I entered it I got the same error message: 
"The password you entered to unlock your iPhone backup file was incorrect. Please try again."
Really frustrating.
I searched many ways online, finally I tried "iPhone Backup Unlocker" to help me unlock encrypted backup password efficiently!

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